January 12, 2021
Compliance Coffee Break: New NACHA Account Validation Requirement Coming in March - Are You Ready?
An upcoming change to the NACHA Rules will impact your business if you allow consumers to authorize you to initiate ACH payments from their deposit accounts via the Internet or a mobile device (payments known under the NACHA Operating as "WEB Debit Entries"). NACHA will be requiring the payees to validate the account before submitting a one-time payment or the first in any series of recurring payments. There are various means a payee can utilize to accomplish this validation, but each comes with pros and cons. Ryan and Katie discuss the upcoming rule change and how to prepare.
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