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FOS Blog

23 Sep
2020

Are You Aware of NACHA’s New Registry Requirement?

Are You Aware of NACHA’s New Registry Requirement?

NACHA is implementing a new registry, the ACH Contact Registry, for all financial institutions involved in ACH operations.  The purpose of the new registry is to allow financial institutions to interact with other financial institutions to discuss ACH operations, exceptions, and risk management situations.   The registry is effective as of July 1, 2020 with a deadline of October 30, 2020 for all financial institutions to register.  The information maintained in the registry will include the contact information of the persons or departments at the financial institution who are responsible for ACH operations and fraud/risk management.  Contact information is defined as the name, title, email address and phone number of a primary and secondary contact.  The phone number and email address must be ones that will be monitored and answered during normal business hours.   The information will be made available to registered institutions through secure access on the Risk Management Portal.  Once registered, financial institutions will be required to update any contact information within 45 days of the date of change.  An annual verification of current information within the registry may be incorporated into the annual NACHA rules compliance audit.   Failure to comply with the registration process constitutes a violation of NACHA rules.

For additional information contact the author Rachelle at rgordon@fosaudit.com.