New ACH Contact Registry – Know the Impacts!
OVERVIEW This newly approved change to the NACHA Operating Rules , enables the creation of a valuable resource (created by NACHA ) with adding the requirement for all financial institutions (who participate in the ACH network) to register “contact information” with NACHA. This contact information, when entered on the NACHA website, will be available for all other registered ACH financial institutions, ACH Operators, NACHA, and Payments Associations, for ACH operational, fraud, and risk management issues in the Network (examples are: proof of authorizations, duplicates, erroneous payments, ACH-related system outages, fraudulent payments and reversals, plus other issues). The “contact details” entered will be for use only by the parties who register, for their own, internal use and limited to ACH purposes, as mentioned. WHY SHOULD YOU ATTEND With this newly approved amendment, beginning July 2020, all ACH participants (ODFI and RDFI) will be require...