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News Now

Washington
CUNA seeks comment on new P2P definitions
WASHINGTON (9/24/12)--The Credit Union National Association (CUNA) is interested in how NACHA--the Electronic Payments Association's proposal to address mobile person-to-person (P2P) payments on the Automated Clearing House (ACH) network could impact credit unions, and has asked for credit union comment on the matter.

Mobile payments may currently use the WEB standard entry class (SEC) code, and many P2P payments are initiated by mobile devices. However, NACHA operating rules currently do not address P2P payments.

The NACHA proposal, which is scheduled to become effective on March 21, 2014, would:

  • Define a P2P entry as a credit entry initiated by or on behalf of a holder of a consumer account to a consumer account of a receiver;
  • Allow a credit version of the WEB SEC code to be used for a P2P credit transaction sent from a consumer's account; and
  • Establish standardized formatting requirements for the P2P WEB credit code.
The proposal would also add a requirement to permit Receiving Depository Financial Institutions (RDFIs) to initiate Notifications of Change (NOCs) related to P2P WEB credits, as well as NOCs for bill payment on the Customer Initiated Entries (CIEs).

In a comment call, CUNA asks credit unions to detail any cost, implementation or compliance concerns they may have regarding this proposal. Credit unions may also propose alternatives, and can recommend other implementation timeframes.

For the full comment call, use the resource link.


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