NACHA and the ACH Network: What You May Not Know
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1 NACHA and the ACH Network: What You May Not Know February 27, NACHA The Electronic Payments Associa<on. All rights reserved. No part of this material may be used without the prior wrifen permission of NACHA. This material is not intended to provide any warran<es or legal advice and is intended for educa<onal purposes only.
2 The ACH Network Replacing paper checks for 40 years, with more than 87 MM transactions every day Connec&ng more than 12,000 financial ins&tu&ons, over $40 Trillion in value is supported annually via ACH more than 22 Billion transac&ons
3 United States Payments System Type of Payment Descrip<on Major Uses Operator System Rules Wire (RTGS) High value, real- 5me Wholesale, some Retail Fed Wholesale Product Office TCH (CHIPS) None ACH Low value, non- urgent Payroll, bill payment, B2B Fed Retail Product Office, TCH (EPN) NACHA Credit Card Low value, real 5me authoriza5on Retail, B2B thru Corp & T&E, Purchasing Cards Card companies Card companies Debit Card Very low value, real 5me authoriza5ons Retail, very liqle B2B Card companies Card companies Prepaid Card Low value, stored value Retail, some closed loop Card companies Card companies Electronic Check Image Image of check, aver wriqen Electronic clearing of checks Mul5ple check clearinghouses ECCHO rules for image only between FIs Other alterna5ve payments Access in different ways Primarily other payment rails Primarily other payment rules
4 NACHA a non-profit association with core competencies in rulemaking, education and facilitation NACHA develops rules and standards for various payments: Dialogue Advocacy Rules Creation Education Enforcement NACHA Operating Rules for electronic funds transfer payments via the ACH Network Rules-based frameworks for opt-in programs (EBIDS, SVP, DCT, XML, IRS tax refunds) Banking conventions for child support and tax payments Quest Operating Rules for electronic benefits - EBT With CAQH CORE healthcare operating rules, and standards organization of healthcare EFT
5 NACHA reaches out to many industry players to hear their voice and gather their input Direct Financial Institution Members Regional Payments Associations Council, Forum and Affiliate Programs Voice representing their more than 10,000 financial institution members (5 programs with more than 400 members) (16) (30) Key point of engagement for non-fis
6 What does the ACH Network look like today? ACH payments made between enterprises (businesses and government agencies) and consumers in the U.S represent 84% of all ACH transactions. At 14%, the share of B2B payments continues to grow. How the ACH Network is Used >1% <1% 14% B2B Consumer BillPay 31% Direct Deposit Other 53% Cross- Border / Interna5onal
7 What does the ACH Network look like today? Native electronic payments continue to grow each year (versus those that begin as checks) as consumers and organizations choose to make or receive payments electronically. 13% Na5ve Electronic Check- Ini5ated 87% The majority of ACH payments are debit versus credit transactions. 42% Debits Credits 58%
8 The ACH Network Payments are exchanged through the ACH Network using a batch, store-and-forward process: It is neither a real-time nor an online processing system Transactions are accumulated from Originating Depository Financial Institutions (ODFIs) by the ACH Operators throughout the day, sorted, and are made available to the Receiving Financial Depository Financial Institutions (RDFIs) in accordance with published schedules Settlement is typically on a next-day basis Links to virtually every one of the more than 12,000 depository financial institutions in the country from the largest banks to the smallest credit unions
9 Many Entities Play a Role in the ACH Network Network Administrator ACH Operators Financial Institutions (ODFIs & RDFIs) Third-Party Processors Originators Receivers (Consumer or Business) Third-Party Processors Receivers (Consumer or Business) Originators
10 As Network Administrator, NACHA is Responsible for the Logical ACH Network ACH Logical Network ACH Physical Network ACH rules set, and associated payment types and formats owned by NACHA The physical environment required to move transac5ons Allows counterpar5es to logically and confidently pass transac5ons to each other, knowing how they will be recognized and dealt with The technology and communica5ons environment, and associated product set, needed to ini5ate, clear and seqle ACH transac5ons between counterpar5es NACHA holds the role of the Network Administrator Rules Creator Rules Enforcer Educator ACH Operators take the role of Processing and rou5ng transac5ons Maintaining access to all sending and receiving endpoints Inter- operator exchanges Services to help financial ins5tu5ons manage ACH volume and risk management Interbank seqlement Monthly transac5on repor5ng to NACHA
11 NACHA as ACH Network Administrator Governance of the ACH Network The ACH Network is governed by the fair and equitable NACHA Operating Rules, which guide risk management and create payment certainty for all players. The Rules: Establish the legal foundation for the ACH Network Provide a common set of rules and formats Create certainty and interoperability Prescribe roles and responsibilities Effect regulatory requirements Financial ins5tu5ons are central to the Rules because of their unique financial and compliance responsibili5es and obliga5ons, but NACHA rulemaking is inclusive: Business end users and processors/solu5on providers may par5cipate in rulemaking commiqees and groups All stakeholders may provide feedback to proposed rules and industry informa5on requests
12 The NACHA Operating Rules Define the roles and responsibilities for the movement of dollars and information from one bank account to another Standard Entry Class Codes ( SECs or SEC Codes ) Permit various kinds of ACH transactions to be distinguished Align with rules relating to the unique characteristics of the ACH Network Define roles and responsibilities of entities using the transaction Identifies the specific computer record format used to carry payment and payment related information specific to the users of the SEC
13 Financial Services Industry Works Collaboratively to Ensure Safe, Secure, Reliable Payments FINANCIAL INSTITUTION REGULATORS Responsible for ensuring safety and soundness of financial ins&tu&ons FDIC, OCC, Fed, State Banking Regulators, OFAC, FinCEN CONSUMER PROTECTION REGULATORS Responsible for ensuring financial laws protect consumers CFPB, FTC and pruden5al regulators PAYMENT NETWORKS Develop rules and standards that ensure certainty for par&cipants Card Networks, ACH Network, Check System, Wire System NACHA administers the NACHA Opera&ng Rules that work in accord with payment regula5ons to ensure the safety and soundness of ACH Network payments.
14 Consumer Use of the ACH Network Receive funds via Direct Deposit Payroll, retirement, tax refunds, other benefit payments 4.9 billion payments moving $6.9 trillion Pay bills via Direct Payment Recurring bills (e.g., monthly mortgage, loan, utility, insurance payments) 2.9 billion payments moving $2.5 trillion Pay bills via other methods Online billpay, pay by phone (e.g., all types of bills) 5 billion payments moving $1.9 trillion Other uses Online P2P and account transfers, retail purchases 14
15 Consumer Debits Governed by the EFTA and Regulation E Authorization Requirements for a preauthorized debits: Must Be In Writing, Signed or Similarly Authenticated Physical signature Speak/key enter a code provided on the paper authorization Authenticate via password, shared secret, etc. 15
16 Consumer Debits Regulation E has additional requirements related to the authorization: Must be readily identifiable as an authorization Originator must retain for two years following termination/revocation (prove compliance w/reg E) Must provide notice for change in dollar amount Must provide notice for change in scheduled debit date Regulation E provides the minimum required consumer protections for consumers the NACHA Rules provide additional coverage 16
17 Example: Consumer Debit Authorizations Regulation E has requirements related to authorizing preauthorized debits that are incorporated into the NACHA Operating Rules: Must be readily identifiable as an authorization Originator must retain for two years following termination/revocation NACHA Operating Rules also: Require authorization to have clear and readily understandable terms Apply specific authorization requirements to specific transaction types
18 Example: Dispute Resolution Regulation E has requirements related to a financial institution s obligation to investigate claims of errors by consumers The NACHA Operating Rules require the RDFI to promptly recredit the consumer s account upon a claim of an unauthorized debit Rules also provide for the RDFI to return the debit to the ODFI to recover the funds
19 Example: Stop Payment Regulation E has requirements for financial institutions to honor stop payment orders on recurring debits NACHA Operating Rules incorporate such requirements, and also apply them to single debits
20 ACH Network Risk Management NACHA implements its risk strategy by: Making changes to the NACHA Operating Rules (Rules) Disseminating sound business practices Identifying industry offerings available to mitigate risk Developing tools to manage the risk profile of the Network on an ongoing basis Educating and providing educational tools to FIs and Regional Payments Associations Return codes are tracked, such as: Unauthorized Invalid account Insufficient funds Traditionally fraud has included telemarketing fraud, credit repair, and membership clubs using ACH debit applications Unauthorized debit return rates as key indicator
21 ACH Risk Mitigation Efforts: Showing Results and Identifying Challenges 4 Network Enforcement Rule Unauthorized Entries Administra5ve Returns Company Name Rule 32 Volume in Millions Volume in Millions While the number of unauthorized entries has leveled off, the number of administrative returns has been increasing Trends in administrative return volume and unauthorized entries are tracked to determine specific risk, quality, or efficiency concerns to be further addressed Year Year
22 NACHA Recently Issued Two Requests for Comment Complementary approaches to address quality and risk in the ACH Network Each proposal should be seen as part of a process of continuous improvement There is no single solution for risk and quality Risk and Network Enforcement Improve ability to identify and enforce Rules against outliers that are responsible for highest, and most disproportionate, levels of exceptions Reduce number of exceptions caused by outliers ACH Quality Fees Establish economic incentives for ODFIs to improve origination quality Reduce number of exceptions across the entire ACH Network Provide partial cost-recovery to RDFIs for exception handling
23 Risk and Network Enforcement Topics Areas of focus High-risk origination and return rates Lower the return rate threshold for unauthorized transactions Establish a return rate threshold for account data errors Establish a return rate threshold for all debit returns Reinitiation Define and establish standards for collection practices on Third-Party Sender topics Explicitly apply risk management and transaction monitoring requirements to Third Party Senders NACHA s enforcement authority Define additional circumstances under which NACHA may initiate an enforcement proceeding
24 Risk and Network Enforcement Topics Federal and state regulators and the consumer protection advocacy groups that influence them are signaling both publicly and privately in response to the proposed rules that they expect financial institutions through private-sector rulemaking to take meaningful steps to more actively protect consumers Industry self- regula&on, implemented lawfully and effec&vely, can reduce the need for government interven&on through regula&on, supervision, or enforcement ac&ons. The Commission's experience confirms that a high rate of account data returns can be a reliable indicator of fraud. FTC staff commends NACHA for recognizing the importance of monitoring and flagging excessive total return rates.
25 ACH Quality Fees Erroneous Data Fee A fee for certain Return Entries for which an RDFI returns an ACH transaction to an ODFI due to incorrect account data within the transaction NOC Fee A fee for certain Notifications of Change (NOCs) for which an RDFI corrects information within an ACH transaction and transmits an NOC to the ODFI of the transaction Unauthorized Entry Fee A fee for certain Return Entries for which an RDFI returns an ACH transaction to an ODFI due to a problem with the Receiver s authorization
26 Where do we stand? ACH Network Risk, Enforcement and Quality NACHA received over 100 responses to the proposed rules, and will give each its due consideration It is still very early in the review and evaluation process NACHA intends to make decisions about next steps in the near future
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