NACHA Urges Users to Familiarize Themselves with Simplified Rules
NACHA Urges Users to Familiarize Themselves with Simplified Rules and Announces New Publication to Help
Navigating the Simplified NACHA Operating Rules
Rules Simplification Effective January 1, 2011
HERNDON, Va., September 10, 2010 – NACHA — The Electronic Payments Association® today announced the availability of Navigating the Simplified NACHA Operating Rules*, a publication designed to give ACH Network participants the opportunity to familiarize themselves with the organization of the simplified NACHA Operating Rules. The simplified Rules, which go into effect January 1, 2011, represent the first major restructuring of The NACHA Operating Rules since their inception.
“While the substance and the meaning of each rule remains the same, there are organizational changes ACH participants should consider in advance of the implementation of the simplified Rules,” said NACHA President and CEO Jan Estep. “NACHA urges users to allow sufficient time to familiarize themselves with the new organization of the Rules and to ensure no changes are needed to agreements or other documents that reference the Rules.”
NACHA’s new publication, Navigating the Simplified NACHA Operating Rules, 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.
Navigating the Simplified NACHA Operating Rules also examines the reorganization of the Rules by types of participants in the ACH Network. Previously organized around major topics, the simplified Rules framework is structured around the rights and responsibilities of ACH Network participants. The simplified Rules use clear, consistent language to emphasize the roles and responsibilities of each ACH Network participant, allowing for increased understanding and compliance.
In addition to reviewing Navigating the Simplified NACHA Operating Rules, Network participants may further familiarize themselves with the simplified Rules by purchasing a CD of the webinar “Rules Simplification: Retrain Your Brain.”
Additional resources to help financial institutions and corporate users ready themselves for the simplified Rules include an online, educational resource page at http://www.nacha.org/c/RulesSimplificationResourcePage.cfm and ongoing educational offerings under development by NACHA and the Regional Payments Associations (RPAs).
To order Navigating the Simplified NACHA Operating Rules or learn more, visit www.nacha.org.
NACHA—The Electronic Payments Association
NACHA supports the growth of the ACH Network by managing its development, administration, and governance. The ACH Network facilitates global commerce by serving as a safe, efficient, ubiquitous, and high-quality electronic payment system. NACHA represents nearly 11,000 financial institutions through 18 regional payments associations and direct membership. Through its industry councils and forums, NACHA brings together payments system stakeholder organizations to encourage the efficient utilization of the ACH Network and develop new ways to use the Network to benefit its diverse set of participants. To learn more, visit www.nacha.org, www.electronicpayments.org and www.payitgreen.org.
* Navigating the Simplified NACHA Operating Rules is for educational purposes only and does not reflect NACHA Operating Rules amendments that may be approved prior to January 2011. The complete, official 2011 NACHA Operating Rules and Operating Guidelines will be available for advance ordering in Q4 2010.