Nacha's New Rule on Meaningful Modernization - What it Means

Recent updates to help the ACH “user” experience with improvements and simplification by adopting new technologies and channels for the authorization and initiation of ACH payments.  Included was a reduction to the barriers when using the ACH Network by providing clarity and increasing consistency pertaining to certain ACH authorization processes and by reducing some of the administrative burdens related to ACH authorizations.
What does all this mean will be covered in this 90-minute webinar, explaining how this new Rule applies

Key points surrounding Meaningful Modernization and what it means to the participants in the ACH Network will be detailed. In this session, the trainer will:

• Define Standing Authorization
• Subsequent Authorization requirements and flexibility for the Originator
• Describe how using the same formats/methods permissible for obtaining a consumer debit authorization being permissible for obtaining a consumer’s statement of unauthorized debit
• Describe through the use of scenarios – what, when and how the pieces of Meaningful Modernization will help take the confusion and obstacles out of using the ACH network
• Discussion on the adoption of new technologies and channels for the authorization and initiation of ACH payments

Standing authorizations, subsequent authorizations, oral authorizations, what options are there to a request for an authorization are all a part of this new rule update to simplify the user experience with ACH.
 
With modern technologies, newer methods and channels make use of verbal interactions and voice-related technologies can change the user experience with the ACH network.
 
Administrative burdens can be reduced by making returning unauthorized transactions easier and less cumbersome by finding alternate ways to complete and authenticate a WSUD (Written Statement of Unauthorized Debit).

• Bank operations staff
• New employees in the payments industry
• Bank managers and payment professionals
• CEO’s and CFO’s
• Risk, Compliance and Audit personnel
• Aspiring AAP’s and current AAP’s for AAP CE Credits

Donna K Olheiser, AAP, is the vice president of Education Services and founder of Dynamic Mastership, LLC. Donna 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 specifically ACH electronic payments, then scheduling the training events to facilitate/deliver the material through a variety of venues (webinars, teleseminars, in-person workshops, including regional and national conferences). Donna 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).