A new rule requiring all financial institutions in the automated clearing house network to participate in ACH governing body Nacha’s contact registry took effect Wednesday. The registry’s purpose is to enable financial institutions to quickly find the appropriate person to resolve issues when a transaction looks fraudulent or presents other problems.
The rule’s reach is sweeping because nearly all U.S. financial institutions participate in the ACH network. Herndon, Va.-based Nacha already requires originating depository financial institutions (ODFIs) to provide some contact information for ACH personnel. Until now, however, banks and credit unions that do not originate ACH transactions and are only receiving depository financial institutions (RDFIs) have not been required to submit contact information such as phone numbers or email addresses, though they could submit some contact information to a Nacha database on a voluntary basis.