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Compliance Tip

Ensure Your ACH Origination Agreements Remain Up-to-Date

How long has it been since you last reviewed the agreements in place between your financial institution and your originators? If it is like many financial institutions, it has been potentially too long. During our ACH audits we scan language in the ACH agreements. We are unable to give legal advice, however, we can determine if the language in the agreement is in accordance with the NACHA Rules and Guidelines.

Lately, our auditors are finding older agreements in place that still prescribe the use of 128-bit RC4 encryption to secure file transfers, the 1% threshold for unauthorized returns or have no mention of Same-Day ACH time frames. The RC4 standard was removed from ACH rules two years ago as it was confirmed to be insecure in today’s world. NACHA also changed the threshold for unauthorized returns to 0.5% and Same-Day ACH is available and should be recognized.

We would strongly recommend that you treat your agreements as living documents. As the legal and operating environment changes, your agreements should be updated to protect your institution from potential threats and losses. WACHA provides a sample ACH Origination Agreement, free for our members, on our website. This sample should be reviewed by your legal counsel to determine if all the provisions are appropriate for your institution. Although it is true that the agreement is only needed if something goes terribly wrong, it would be worse to know your contract is no longer protecting your institution.

Learn More on Compliance

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NACHA Announces Sun-Setting of 2019 Rules Corporate Edition

NACHA sunset for Rules Corporate EditionBeginning with the 2019 Rules advance sales, PAR/WACHA will offer the full edition of the NACHA Operating Rules & Guidelines only as NACHA has announced the sun-setting of the Rules Corporate Edition. This ensures all users are receiving complete and accurate information for compliance. CD-ROMs are also no longer available. The current available product formats include print, online resource and digital access (app).

Save on Your Rulebook Pre-Orders

slanted 2019 NACHA Rules coverPre-orders for your 2019 NACHA Rules are now open, and PAR/WACHA is offering a 10 percent savings on Rules purchases through Dec. 10, 2018! In addition to the 10 percent savings, pre-orders of the NACHA Rules hard copy come with a FREE Online Access code. Any orders made during this advance sale period should begin shipping early-to-mid-December.

The NACHA Operating Rules & Guidelines is the foundation needed for every ACH payment. Understanding the Rules & Guidelines keeps your organization at the top of its field -- ensuring efficient ACH payments, strengthening risk management practices and lessening returns and exceptions.

Take advantage of the 10 percent savings on your NACHA Rules pre-order today! Visit our online store to read the descriptions of each format (print, online resource or app) and to pre-order your 2019 NACHA Rules.

 Click here to download and print a hard copy Publication Order Form

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Two Employment Opportunities Available at PAR/WACHA:
Auditor/Trainer & Member Services

Job Opp

Auditor/Trainer Position

PAR--Payment Advisory Resource and WACHA--The Premier Payment Resource are looking for an individual to join our team as an Auditor/Trainer. The preferred candidate will be able to perform ACH audits and risk assessments as well as remote deposit capture risk assessments for member financial institutions. This person will also assist conducting in-person and remote training sessions. Skills needed include: a strong background in ACH (having an AAP is required), some experience in payments-related auditing or risk assessments, some knowledge of check, image, RDC processing, and a willingness to develop and present educational sessions on payments.

Click Here for Full Details

Member Service Position

WACHA--The Premier Payment Resource is looking for an individual to join our team for membership support and communications. We are a membership-based organization for financial institutions and companies. We provide support and offer services on payment systems. In this position you will serve as the primary contact person for all of WACHA’s member services and communications needs. Responsibilities will include working with both internal staff and external members to communicate WACHA member benefits and services accurately, efficiently and timely. 

Click Here for Full Details

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Industry News

FinCEN Extends Exceptive Relief of Beneficial Ownership Rule

This ruling was released August 8, 2018, by FinCEN.

The 90-day exception issued in May 2018 by the Financial Crimes Enforcement Network (FinCEN) regarding the Beneficial Ownership Rule, set to expire August 9, 2018, has been extended an additional 30 days. The limited exception was extended "up to and including September 8, 2018" and continues to exempt "covered financial institutions from the obligations of the Beneficial Ownership Rule for Legal Entity Customers (Beneficial Ownership Rule) for certain financial products and services (i.e., certificate of deposit or loan accounts) that were established before the Beneficial Ownership Rule’s Applicability Date, May 11, 2018."

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Learn More! Join the August 23rd Webinar:
"Navigating the Intricacies of the Beneficial Ownership Rule"

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Available Resources from PAR/WACHA 

Professional Development Opportunities Compliance Services Publications & Educational Offers

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