Electronic payments association NACHA has introduced a new operating rule governing third-party processing of automated clearing house (ACH) payments. The rule became effective on December 10, 2004. The new rule requires agreements that specifically bind third-parties to the NACHA Operating Rules when a third-party’s customer does not have such an agreement with the originating financial institution (ODFI). “The new rule establishes an appropriate legal framework for the chain of agreements that bind third-party users to the NACHA Operating Rules. Ensuring that all ACH users are bound to the Rules will enable NACHA to better enforce the Rules, and enable ODFIs to better manage risks associated with originating ACH payments,” NACHA said.
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