2/22/2022 - By Janice Weisz, AAP
Nacha Rules state that ODFI’s are responsible for all entries originated through the ACH Network using the ODFI’s routing number and that ODFI’s are responsible for their ACH clients' compliance with the Nacha Rules. In addition, because the payments industry is constantly evolving, ODFI’s need to keep their ACH clients informed of Nacha Rule changes. Therefore, ODFI’s should have a formalized process to keep their ACH clients informed of Nacha Rules and originator responsibilities.
The Nacha Rules do not prescribe a specific methodology for ODFIs to do this. It is up to the ODFI to determine the best process for keeping its ACH clients informed. The following are just a few examples of ways ODFI’s can accomplish this:
Keeping your ACH clients informed is critical. If you have any questions or need assistance guidance for doing this, email me or a member of our Financial Institutions team so we can help.
About the Author | Janice Weisz, AAP
Janice is a consultant in the Financial Institution Advisory Group at Saltmarsh, Cleaveland & Gund. Janice has been working with financial institutions since 2001 with an emphasis on operations, compliance, audit and internal controls. Janice currently is an Accredited ACH Professional (AAP) and conducts risk-based Nacha compliance audits and provides ACH-consulting services to the firm’s financial institution industry clients.
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