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The NACHA Operating Rules are always changing, and updates are currently in place due to the ongoing COVID-19 situation. Discussion on Operations Bulletin #7 outlines the details on the Rules and changes to deadlines and thresholds until further notice. Includes extension of effective dates considering the current situation; and confirming some Rules changes with current effective dates remaining.
Overview to help viewers in the ACH Network ensure compliance with NEW amendments already in effect for 2021, PLUS the upcoming changes for 2022.
The year 2021 brought many amendments to the Nacha Operating Rules, such as; “Limitation on Warranty Claims”, “Meaningful Modernization”, “Reversals and Enforcement”.
Included will be the NEWLY APPROVED increase to SDA Dollar Limit” PLUS the “Third-Party Roles and Responsibilities” – BOTH effective in 2022.
Discussion on a potential change regarding “Account Information Improvements Through the ACH Network” is included with this webinar recording.
Each participant in the ACH Network is required to follow the Nacha Operating Rules and be compliant. There are several NEW amendments (effective in 2021) which will change the ACH Network processes – this is a NEED to know!
This recording begins with an outline of how ACH works, with the option of Same Day ACH (SDA) to move payments “faster” through the ACH Network. An increase to the SDA dollar limit for each Entry -(effective March 2021), the Unauthorized Return process with a newly repurposed Return Reason Code R11 and the ACH Contact Registry (both effective in 2021) – NEW!!! and more!
Some questions that will be answered:
Have you met the requirements for the ACH Contact Registry? (The portal became available July 1, 2020)
This recording will also cover the newly approved details and any recent updates by NACHA, plus how these changes affect you as a participant in the ACH network, whether you are an ODFI, an RDFI or a TPS or TPSP. Changes such as Data Security requirements (effective date has been extended) and how Originators are affected by the Fraud Detection Standards for WEB debits.
In addition, the processing of Unauthorized Returns has changed effective April 1, 2020, for phase 1 (phase 2 went into effect April 1 of 2021) – As the RDFI, are you prepared for the proper use of R10 and R11 (what to do if you’re not ready) and as the ODFI, are you aware of changes to the ODFI Reporting Requirements for R11 and the Unauthorized Entry Fee?
This is a must-view recording, your ACH operations process IS CHANGING!
Details on the new amendments to the Nacha Operating Rules (also in 2021) on Limitation on Warranty Claims, the Reversal Process and Rules Enforcement changes surrounding reversals, and Meaningful Modernization to enhance the ACH Network to keep up with changes in the payments landscape and enhance the user experience with ACH.
A Third-Party Sender (TPS) is a participant in the ACH network and due to a recent amendment will include clarifying the roles and responsibilities of Third-Party Senders (TPS) in the ACH Network by; addressing the existing practice of Nested Third-Party Sender relationships, agreements, and ACH Risk Assessments (effective in Sept, 2022)
The recording provides the following:
- Define amendments to the Rules (both in 2021 and 2022) on Expanding Same Day ACH and how these changes will affect you as a financial institution, as the RDFI and the ODFI!
- Describe the potential impact on participants in the ACH network with approved changes to other ACH Risk Management topics such as:
- Supplementing the fraud detection standard for Internet-initiated (WEB) debits
- Supplementing the existing account information security requirements for large Originators and Third-Parties (effective date has been extended)
- Details on the most recent change to specifying the details of an unauthorized return by repurposing Return Reason Code R11 to further define the “why” or purpose of the return entry
- Updates on the recently approved changes for “Limitations on Warranty Claims”, “Meaningful Modernization”, “Reversals and Enforcement” and the “Increase to SDA Dollar Limit”.
- Plus, potential changes in the future regarding “Account Information Improvements through the ACH Network” – Tons of Details!
- Included will be the most recent amendment on clarifying the roles and responsibilities of Third-Party Senders (TPS) in the ACH Network by addressing the existing practice of Nested Third-Party Sender relationships (effective Sept 2022)
The recording is designed for; bank operations staff, bank managers and payments professionals, CEO’s and CFO’s; risk, compliance and audit personnel; including aspiring AAP’s and current AAP