NACHA Urges Users to Familiarise Themselves with Simplified Rules
NACHA, the electronic payments association, has announced the availability of ‘Navigating the Simplified NACHA Operating Rules’, a publication designed to give automated clearing house (ACH) network participants the opportunity to familiarise themselves with the organisation of the simplified NACHA operating rules. The simplified rules, which go into effect 1 January 2011, represent the first major restructuring since their inception.
The publication draws out points network participants may want to consider to adequately plan for the implementation of the simplified rules. For example, specific section and numerical references in the rulebook have changed. Such changes could affect procedures, policies, and agreements currently in place if these materials contain specific references to the rules.
“While the substance and the meaning of each rule remains the same, there are organisational changes ACH participants should consider in advance of the implementation of the simplified rules,” said NACHA president and chief executive officer (CEO) Jan Estep. “NACHA urges users to allow sufficient time to familiarise themselves with the new organisation of the rules and to ensure no changes are needed to agreements or other documents that reference the rules.”