A NEW Rule was recently approved and will require Originating Depository Financial Institutions (ODFIs) to identify and register their Third-Party Sender customers with NACHA. The registration process will promote consistent customer due diligence among all ODFIs, and serve as a tool to support NACHA's continuing efforts to maintain ACH Network quality.
In order to understand the impact this will make on the different participants (specifically Third Parties) - we need to identify the "Third-Party Sender" - extremely detailed examples will be used to help with this identification (due diligence) process.
Third-Parties in ACH perform different functions which determines their role in the ACH network. A NEW Rule now requires registration with NACHA to identify any Third-Party Senders!
What do these Third-Parties do for either the financial institution (ODFI/RDFI) or the company (Originator) and how does this affect the role they play in the ACH network? First due diligence must be done by the ODFI to answer this question - are you in a Third-Party Sender relationship?
Determined by this "role they play" makes them, and the financial institution they do business with obligated to adhere to responsibilities and the Rules when processing ACH Payments. The ODFI will be required to register any Third-Party Sender (and nested Third-Party Senders) for whomever they are doing any type of ACH business with them.
Hear from our Speaker
Why should you Attend?
In this 90-minute session, the different types of Third-Parties will be addressed. Third-Party Service Provider and Third-Party Sender and the difference between the two will be identified to help the ODFI in determining if they have a Third-Party Sender relationship. The ODFI is required, with this new Rule, to register any Third-Party Sender relationship that exist and if there is no relationship, the registration is still necessary.
Attend this session to hear suggestions on how the ODFI can perform their due diligence to determine whether they have a Third-Party Sender relationship and register with NACHA accordingly beginning Sept 29, 2017. What type of information should you gather now to be ready for the registration process.
Who will benefit?
This webcast will be of a valuable assistance to the below audience.
ODFI, Originating Depository Financial Institutions, Third-Party Sender, NACHA, ACH Network, Third-Party Service Provider and Third-Party Sender, ACH, RDFI, AAP's
Donnas 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. Donna's ability to engage the learner through the entire training event
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