- Speaker : Donna K Olheiser
- Session Code : DOAPR2524
- Date : 25th April 2024
- Time : This Event is Over and the Recorded Content is Available
- Duration : 90 Mins
NEW Nacha Operating Rules Changes for 2024 PLUS insight into 2026 Changes
Overview:
The
Nacha Operating Rules are set to undergo changes in 2024, with minor updates
coming into effect on June 21. These changes are designed to refine and clarify
the existing rules without causing significant operational disruptions for ACH
participants. Key among these updates is the clarification for WEB Entries,
specifying that all consumer-to-consumer credits must utilize the WEB SEC Code,
irrespective of the payment instruction’s communication channel.
Further
modifications include an expanded definition of the Originator to better
delineate its authorization role in crediting or debiting the Receiver’s
account, and adjustments to the Originator’s actions on Notifications of Change
(NOCs). These changes reflect evolving business practices, granting Originators
the discretion to address NOCs for all single entries, across any Standard
Entry Class (SEC) Code.
Data
security requirements are also being updated to distinctly define compliance
responsibilities, especially for entities newly meeting the rule’s criteria. In
addition, the rules around the use of Prenotification Entries are being
adjusted to allow for ACH Network-based account validation methods post the
initial transaction, aligning with modern industry practices. The terminology
for Subsequent Entries is also being updated to eliminate confusion and ensure
uniform understanding and application across the industry.
On
October 1, 2024, more substantial Risk Management amendments will take effect,
focusing on enhancing fraud prevention and fund recovery. These include
codifying the use of Return Reason Code R17, expanding ODFI’s return request
capabilities, and revising funds availability exceptions among others.
This
webinar aims to provide a comprehensive understanding of these changes,
offering a high-level view of the minor adjustments in June and the more
significant Risk Management topics in October, with a glimpse into the
anticipated shifts in 2026. Participants will be equipped with the knowledge to
seamlessly navigate these updates, ensuring continued compliance and
operational efficiency within the evolving ACH landscape.
Areas covered in the session:
- Define
minor topic changes to the Nacha Operating Rules that have little impact to
operations, but still a NEED to KNOW!
- Identify
the changes to the Nacha Operating Rules intended to reduce the incidence of
successful fraud attempts and improve the recovery of funds after the frauds
have occurred.
- Discussion
on expansion of Return Reason Codes R06 and R17
- Updates
to the WSUD and the timing for the RDFI to Return an Unauthorized Transaction
- Details
on updates to Funds Availability Exceptions
- Overview
on upcoming changes to the Rules in 2026.
Why
you should attend?
Navigating
the upcoming 2024 changes to the Nacha Operating Rules is crucial for any
professional involved in ACH transactions. This webinar will provide an
in-depth analysis of the minor yet significant updates effective in June 2024,
which are essential for maintaining compliance and optimizing operational
efficiency. While these changes are labeled as "minor," understanding
their nuances is key to ensuring your organization's processes remain aligned
with the latest standards.
The
session will offer valuable insights into the adjustments related to WEB
Entries, Originator definitions, and other critical aspects, ensuring you are
well-prepared to implement these changes seamlessly. Furthermore, the October
2024 Risk Management updates will be covered in detail, equipping you with
strategies to enhance fraud prevention and fund recovery within your
operations.
While
we will also touch upon the horizon of 2026 for a broader view of the evolving
ACH landscape, the primary focus will remain on the actionable changes in 2024.
This approach ensures you receive the most relevant and immediate guidance to
navigate the present and near future of ACH regulations effectively.
By
attending, you'll not only stay compliant but also gain a competitive edge in
managing the intricacies of multi-state payroll tax processes. Don’t miss the
opportunity to fortify your understanding and prepare your organization for the
upcoming shifts in the ACH regulatory environment.
Who
will benefit?
- ACH
Network Participants
- Compliance
Officers in Financial Institutions
- Operations
Managers in Banking and Finance
- Risk
Management Professionals
- Payment
Operations and Fraud Prevention Teams
- Financial
Executives and Treasury Personnel
- Auditors
and Consultants specializing in ACH Processes
- Legal Advisors in Financial Services
- IT and Security Professionals in Banking Sector
Donna K Olheiser, AAP, is the vice president of Education Services and founder of Dynamic Mastership, LLC. She is an enthusiastic and energetic Certified Master Trainer with over 14 years’ experience. She has designed and facilitated over 150 training sessions each year with her expertise being the rules for companies and financial institutions when processing electronic (specifically ACH) payments, then scheduling the events to facilitate/deliver the material through a variety of venues (webinars, teleseminars, in-person workshops, including regional and national conferences). Ms. Olheiser is also an experienced project manager managing education programs for organizations processing electronic payments and developing personalized training programs for financial institutions.
She has over 23 years of experience in the financial services industry which includes 9 years’ experience as the education service director at a Regional Payments Association (RPA), where she managed and facilitated the entire education program for nearly 800 financial institution members. Prior to that, Ms. Olheiser spent 14 years in various departments with the Federal Reserve Bank of Minneapolis and also holds the Accredited ACH Professional (AAP) designation (achieved in 2004).
Her 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. Ms. Olheiser’s ability to engage the learner through the entire training event helps the adult learner apply what they’ve learned during and after each training session.
Enrollment Options
Tags: ACH Compliance, Financial Regulations, Risk Management, Fraud Prevention, ACH Transactions, Nacha Operating Rules, Donna, Olheiser, April 2024, Webinar