NEW Rule! ACH Contact Registry - the Details YOU Need to Know to be in Compliance

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.

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!

• Recently approved amendment details
• How this new amendment will benefit the industry
• Effective dates of this new NACHA rules 2020 (including the extension timing)
• Impacts for the ODFI (adding to their existing requirements for registration of other aspects)
• Impacts for the RDFI (NEW requirements for registering that was previously never required)
• How is this registry different than current FI contact information

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.

• Financial Institution Professionals (New/Current Operations Staff)
• Banking Operations Managers and Staff
• Compliance and Risk Professionals
• Treasury Management Professionals
• Aspiring and Current AAPs (Accredited ACH Professionals)
• Banking Managers/ Supervisors
• Audit and Compliance Personnel / Risk Managers
   

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).