Nonprofit Nacha, which enables Automated Clearing House (ACH) payments, has adopted eight new amendments to the Nacha Operating Rules that a press release said will help to modernize the payment style.
The amendments concern Same Day ACH and new ways of making ACH payments easier to use, the release stated. Two of the rules also give a new framework for businesses, financial institutions (FIs), payment providers and technology companies to authorize consumer ACH payments, able to be applied to new channels and technologies adopted by customers to interact and buy from businesses.
Other components include reducing some of the administrative requirements surrounding obligations to obtain or provide payment-related documentation and putting a specific timeline in place to handle claims of unauthorized payments, the release stated.
In addition, the new rules make explicit which scenarios are not appropriate for reversing ACH payments. Nacha will now have more authority to enforce rules on "egregious violations," according to the release.