This must-have guide presents the results of the Rules Simplification initiative—a completely new version of the NACHA Operating Rules that became effective on January 1, 2011—and offers users the opportunity to familiarize themselves with the organization of the simplified Rules.
Previously organized around major topics, the simplified Rules framework is structured around the rights and responsibilities of participants in the ACH Network. Simplified Rules acknowledges the major roles played by originating and receiving financial institutions and dedicates a major section to each of these roles. Financial institutions will be able to use these sections to determine rights and responsibilities regarding any ACH payment they send or receive.
Clear, understandable, and consistent language has been adopted throughout the Rules. The new Rules also explicitly recognizes that originating financial institutions are the entry points into the ACH Network for Originators and third-parties and that the financial institutions are responsible for those parties’ compliance with the Rules.
This guide features a handy mapping tool to assist users in navigating the old Rules vs. the simplified Rules. Topics in the guide include:
Table of Contents
• Article One: General Rules
• Article Two: Rights and Responsibilities of ODFIs, Their Originators and Third-Party Senders
• Article Three: Rights and Responsibilities of RDFIs and Their Receivers
• Article Four: Rights and Responsibilities of ACH Operators
• Article Five: Rights and Responsibilities of Gateways for IAT Entries
• Article Six: Rights and Responsibilities of Associations and the National Association
• Article Seven: Settlement
• Article Eight: Definitions of Terms Used in These Rules
• Appendix One: ACH File Exchange Specifications
• Appendix Two: Specifications for Data Acceptance by ACH Operators
• Appendix Three: ACH Record Format Specifications
• Appendix Four: Return Entries
• Appendix Five: Notification of Change
• Appendix Six: Acknowledgment Entries
• Supplement on Mobile ACH Payments
• Mapping Guide:
• Where Did My Rule Go? Old-New
• Where Did My Rule Go? New-Old