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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
Oct. 10, 2023
Nacha encouraged financial institutions to ensure their information in the ACH Contact Registry is correct and up to date.
Details: Nacha said it is ramping up its efforts to verify the data in the ACH Contact Registry, including via spot checks of listed contact information. Nacha operating rules require all financial institutions using the ACH Network to include ACH contact information in the registry, which went live in July 2020.
Check Contacts: The Nacha directory also includes thousands of check contacts to help connect counterparties and combat check fraud.
ICBA View: ICBA has encouraged Nacha to conduct and expand spot checks of listed information to ensure it is available to institutions that use the ACH Network. It also encourages community banks to use the directory for check fraud contacts to help address the dramatic rise in check fraud.