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NACHA simplifies reworks operating rules
SEATTLE, Wash. (4/30/10)--NACHA--the Electronic Payments Association--earlier this week said that it has substantially revised and reorganized its operating rules. NACHA has reorganized its rules “around the rights and responsibilities of participants” in the electronic payment network, “making them more navigable by participants.” The rules have also been rewritten in “clear, understandable, and consistent language,” NACHA added. Overall, NACHA said, the rules are easier to understand and to comply with. NACHA President/CEO Janet Estep said that the association’s goal “is to make the rules more easily understood and the corresponding information easier to find.” According to NACHA, the rules also "explicitly recognize that the originating financial institutions are the entry points into the ACH Network for corporate users and third parties, and that the financial institutions are responsible for those parties' compliance with the Rules." This new version of the NACHA Operating Rules will go into effect on Jan. 1, 2011. NACHA plans to follow up on other portions of its rules simplification initiative later in the year by undertaking a “comprehensive review and overhaul” of its operating guidelines and by enhancing its ACH Rules Online website. For the NACHA release, use the resource link.
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