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.
With this newly approved amendment, beginning July 2020, all ACH participants (ODFI and RDFI) will be required to register their contact information. This means additional requirements for the ODFI each year and an addition to the ACH annual Audit requirements.
For the RDFI, this will mean a NEW responsibility to “register” contact details with NACHA. All “contact details” will have to be registered by Oct 30, 2020 via the Risk Management Portal through NACHA.
In addition to the initial requirements with this new rule, there will be ongoing responsibilities to keep the information up-to-date.
By attending this session, you will learn all the details about entering the contact information, what this means to each participant, the impacts and ongoing details to remain compliant with this newly approved amendment.
Recently, NACHA approved an amendment to the rules by adding a new ACH Registry, effective July 2020. With this newly approved amendment, comes additional requirements for the ODFI and new responsibilities for the RDFI.
This new resource, called the ACH Contact Registry - is being created by NACHA for financial institutions to be able to connect more effectively with other financial institutions regarding ACH issues with operations, exception processing and risk management issues. This session will cover all the details!
Years of Experience: 34+ years
Areas of Expertise: Payment Processing
Donna K Olheiser, AAP, is the vice president of Education Services and founder of Dynamic Mastership, LLC. She is an enthusiastic and energetic Certified Master Trainer with over 14 years' training experience. She has designed and facilitated over 100 training sessions each year with her expertise being the rules for companies and financial institutions when processing electronic (specifically ACH) payments, then scheduling the events to facilitate and deliver the material through a variety of venues (webinars, teleseminars, in-person workshops, including regional and national conferences).
Her extensive knowledge, enthusiasm and passion for transferring payment processing knowledge using the adult learning theory is remarkable and has helped many payment professionals perform daily operational tasks including exception processing while remaining compliant with the NACHA Operating Rules. She uses scenarios and examples to bring the learning home, easy to comprehend and apply to real-life day-to-day ACH processing. Ms. Olheiser's ability to engage the learner through the entire training event helps the adult learner apply what they've learned during and after each training session.
She has over 24 years of experience in the financial services industry which includes 9 years' experience as the education service director at a Regional Payments Association (RPA), where she managed and facilitated the entire education program for nearly 800 financial institution members. Prior to that, Ms. Olheiser spent 14 years in various departments with the Federal Reserve Bank of Minneapolis and also holds the Accredited ACH Professional (AAP) designation (achieved in 2004).View all trainings by this speaker