On, March 15, 2013 eight new Rules earned their pages in the
ACH Rules Book.
- R16 used to identify OFAC-related returns.
- Return Reason Code – R85 – added for Gateway use with incorrectly coded IATs.
- NOC Code – C14 – added for Gateway use with incorrectly coded IATs.
- NOC description corrections for NOC change code R04 for IAT entries.
- Narrowed ODFI warranty of compliance with foreign payment systems rules in IAT transactions.
- Prohibiting of ‘data passing’ in the ACH Network.
- Incomplete Transactions considered unauthorized.
- Reduction of ODFIs to reduce excessive unauthorized return rates.
If you attended Payment Systems Update, you learned about these new Rules and how they impact your organization. Consider starting a discussion in the Knowledge Community about what you are doing to ensure compliance with these new ACH Rules.
Didn’t attend Payment Systems Update – shame on you! Just kidding!
The ACH Rules Book includes a Revisions section (OR xxvi – OR xxx) and Supplement #2-2012 (OR xl – OR xli) that includes an executive and technical summary of the new Rules.
Also, we have one more option for you to understand exactly what these eight new Rules are about. Consider listening to our ACH Rules Update on-demand lecture hall coming in early April!