For any institution utilizing the ACH network, annual changes to the operating rules and guidelines can be cumbersome to implement. In order to ensure you are utilizing the current requirements, you need to buy and download the newest version of the rules and guidelines, then sift through hundreds of pages with a fine toothed comb to find the few changes from the previous year. If you opt for a free version, you may find it not particularly user friendly. Additionally, the rules are different based on your role in the transaction as the Originator or the Receiver, meaning you have to make changes based on any side of the transaction in which your institution participates. Likely, you’re using spreadsheets to organize everything, and it takes time you just do not have to put toward NACHA rules for transfers.
You don’t have a choice as to whether you comply with the NACHA Operating Rules and Guidelines manual. You do have a choice about how. In order to ensure our clients are compliant in the most efficient way possible, WolfPAC will be adding a new NACHA questionnaire to our Regulatory Compliance Risk Assessment module on January 29th, 2016. We have researched the guidelines and created an inclusive list of questions that will help take the pain out of complying with NACHA rules. With less time spent poring over the Operating Rules and Guidelines, you can spend more time focusing on your institution’s other compliance needs.
Have more questions about the new NACHA questionnaire, or would like to speak with one of our experts about your institution’s needs? Contact us to get information on how an Enterprise Risk Management program like WolfPAC can help.