Nacha “Meaningful Modernization” changes to improve and simplify the ACH user experience are scheduled to take effect next month.
Nacha ACH modernization rules effective next month
August 25, 2021 / By ICBA
Nacha “Meaningful Modernization” changes to improve and simplify the ACH user experience are scheduled to take effect next month.
Nacha “Meaningful Modernization” changes to improve and simplify the ACH user experience are scheduled to take effect next month.
Details: Effective Sept. 17, the Nacha improvements will define a “Standing Authorization” and expand the use of oral authorizations for consumer ACH payments.
Impact: The changes will help ACH network participants address the effects of new technologies on payments, such as obtaining oral authorization via voice assistants or using Zoom instead of a telephone.
ICBA Position: In an April 2020 comment letter, ICBA said it generally supports the changes to reduce ACH barriers, increase flexibility and consistency for authorizing consumer ACH payments, and reduce certain administrative burdens.
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