Tools to manage your cash flow, mitigate risks, and monitor industry trends continue to evolve. To keep you informed, we will update this page with the latest detailed information to keep you apprised of industry happenings and help you remain in compliance with ACH rules and requirements. You may also want to visit the resources available through Nacha, including signing up for alerts. Please reach out to your local banker if you have any questions or we can assist in the process.
Understand what should be included in a third-party sender's OFAC policy, navigate election phishing scams, defend your business with Positive Pay, and more. Read it here.
This edition includes how your company can protect itself from potential losses, ACH Management Policy for third-party senders, protecting your identity, and 2024 ACH rules updates. Read it here.
This edition includes information on fighting scams, updated ACH rules, significant audit findings, Beneficial Ownership Information Requirements, and using instant payments to improve cash flow. Read it here.
One of the key updates impacts Notifications of Change (NOCs), effective starting June 21, 2024. Under this amendment, if the account information provided by a payee is erroneous or outdated, their financial institution may manually process the payment and send an NOC to the initiator. Corporate Originators need to update the information promptly for recurring payments and have discretion for one-time payments.
Another significant change taking effect on June 21, 2024, is the expanded use of Prenotification Entries. Previously limited to verifying account validity before the first payment, this amendment allows companies to send prenotes at their discretion or as required by financial institutions.
Return Reason Code updates take effect on October 1, 2024. This Rule change opens up Return Reason Code R17 to cover situations where the transaction is believed to be initiated under “false pretenses,” addressing concerns related to fraud.
Similarly, Return Reason Code R06 will allow financial institutions to request returns for fraudulent payments. While this use case is not mandatory, this amendment provides a means for recovering funds lost to fraud.
Looking ahead to 2026, there are further changes regarding Standard Company Entry Descriptions and Origination Fraud Monitoring. The former outlines specific descriptions for payroll and online retail purchases, while the latter introduces requirements for companies to establish risk-based processes to identify and prevent unauthorized or fraudulent transactions.
In light of these updates, corporate Originators and Third-Party Senders must prepare by updating policies, procedures and systems to ensure compliance and mitigate fraud risks effectively.
For more information on these changes, 2024 Rules Update for Corporate originators and Third-Party Senders document.
This edition of our newsletter includes the top fraud trends of 2023, debit card fraud trends, the advantages of different payment processes (fast, faster, or instant), mail fraud, and more. Read it here.
This second phase of the Micro-Entries rule requires ACH originators of Micro-Entries to use commercially reasonable fraud detection, including the monitoring of Micro-Entry forward and return volumes. Click to learn more.
This edition of our newsletter includes the Third-Party Sender ACH Rule, a 2022 ACH Rules update, considerations for accepting cards and cash apps, synthetic identity fraud, and more. Read it here.
Ready to Experience Extraordinary
Ready to Experience ExtraordinaryCall CrossFirst
Call CrossFirstSend Message
Send Message
Call Us:
(844) 261-2548
