Every ACH Network participant must comply with the Nacha Operating Rules. This 90-minute webinar reviews two sets of 2024 amendments and what they mean for your ACH operations.
The first set covers minor topics: the general rule for WEB entries, the definition of originator, originator action on notifications of change, data security requirements, use of prenotification entries and clarified terminology for subsequent entries. These took effect June 21, 2024.
The second set, effective October 1, 2024, is part of a larger risk management package meant to reduce successful fraud and improve recovery of funds. It codifies expanded use of Return Reason Code R17, expands ODFI requests for return (R06), adds funds availability exceptions, changes the timing of the written statement of unauthorized debit and requires RDFIs to return unauthorized debits promptly.
WHY SHOULD YOU ATTEND?
To stay compliant, ACH participants need to know the approved amendments to the Rules. The minor changes have little processing or financial impact but still require compliance, while the risk management changes affect how fraud cases and fund recovery are handled.
This session suits financial institution operations staff, third-party processors, originating companies, compliance, risk, audit and treasury management professionals, banking managers and current or aspiring AAPs.
AREA COVERED
Minor rule changes (effective June 21, 2024)
- General rule for WEB entries
- Definition of originator
- Originator action on notification of change
- Data security requirements
- Use of prenotification entries
- Clarified terminology for subsequent entries
Risk management rule changes (effective October 1, 2024)
- Changes meant to reduce successful fraud and improve recovery of funds
- Expanded use of Return Reason Codes R06 and R17
- Updates to the WSUD and the timing for the RDFI to return an unauthorized debit
- Additional funds availability exceptions
LEARNING OBJECTIVES
- Describe the minor 2024 changes to the Nacha Operating Rules
- Identify the risk management changes aimed at reducing fraud and improving fund recovery
- Explain the expanded use of Return Reason Codes R06 and R17
- Apply the updated WSUD timing and RDFI prompt-return requirement
- Recognize the additional funds availability exceptions
WHO WILL BENEFIT?
- Financial Institution Professionals (New/Current Ops Staff)
- Third-Party Processors
- Originating Companies
- 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
To stay compliant, ACH participants need to know the approved amendments to the Rules. The minor changes have little processing or financial impact but still require compliance, while the risk management changes affect how fraud cases and fund recovery are handled.
This session suits financial institution operations staff, third-party processors, originating companies, compliance, risk, audit and treasury management professionals, banking managers and current or aspiring AAPs.
Minor rule changes (effective June 21, 2024)
- General rule for WEB entries
- Definition of originator
- Originator action on notification of change
- Data security requirements
- Use of prenotification entries
- Clarified terminology for subsequent entries
Risk management rule changes (effective October 1, 2024)
- Changes meant to reduce successful fraud and improve recovery of funds
- Expanded use of Return Reason Codes R06 and R17
- Updates to the WSUD and the timing for the RDFI to return an unauthorized debit
- Additional funds availability exceptions
- Describe the minor 2024 changes to the Nacha Operating Rules
- Identify the risk management changes aimed at reducing fraud and improving fund recovery
- Explain the expanded use of Return Reason Codes R06 and R17
- Apply the updated WSUD timing and RDFI prompt-return requirement
- Recognize the additional funds availability exceptions
- Financial Institution Professionals (New/Current Ops Staff)
- Third-Party Processors
- Originating Companies
- 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