News and Info
Rules Change. Stay Current and Compliant.
There is a bite to Nacha Rule violations. Nacha enforces their rules through a system of warnings and fines. In extreme cases, offending organizations could even face suspension of originating entries. Rules change on an annual basis and there is a change effective this year that will affect all United States financial institutions. Continue reading to learn about the bite of non-compliance, how to stay on top of industry changes, and what your organization needs to do to comply with the Contact Registry rule.
Federal Reserve Banks Pause Fedwire® Funds Service’s Migration to ISO® 20022 Messages to Assess Industry Request
Based on a recent industry request to revisit the ISO 20022 migration strategy, the Federal Reserve Banks announced a pause in their previously announced plans for a three-phased migration to the ISO 20022 messaging standard for the Fedwire Funds Service. As a result, Phase 1 will not be implemented in November 2020. The Federal Reserve Banks will provide an update regarding their implementation plans once the assessment is complete.