SPONSORED CONTENT PRESENTED BY THE ACH NETWORK
What is the ACH Contact Registry and why was it created?
Questions about ACH operations, or fraud and risk management, are inevitable at any bank, but when you need help from another financial institution, it can be challenging. Nacha has created the ACH Contact Registry so that all financial institutions using the ACH Network can enter contact information for both ACH operations and fraud and risk management for their own institution and look up contacts for other institutions.
The need is there.
Two-thirds of respondents to Nacha’s request for comment said they have to locate a contact at another financial institution at least weekly, and 92 percent said finding the right contact can be anywhere from medium difficulty to very difficult. Time is often of the essence in answering these questions, and the ACH Contact Registry will save time. Already, Nacha has heard from participants about how easy the Registry is to use, including the ability to search by institution name or routing number.
Why does your bank need to register?
The short answer is that it is now a Nacha Rule. The ACH Contact Registry, housed on Nacha’s secure Risk Management Portal, opened on July 1, 2020, and there’s a registration deadline of October 30, 2020.
Think about the last time you had to find someone at another institution and consider how much easier the ACH Contact Registry will make that process for you and others. In just the first two months that the Registry was open, financial institutions registered 15,000 contacts. Entering your information in the ACH Contact Registry not only fulfills your Rules obligation, but it also enables you to begin using it to find others when you need help.
What does your bank need to do?
The ACH Contact Registry is not burdensome. First, you need to gather primary and secondary contacts, or department contacts, that are responsible for 1) ACH operations and 2) fraud and risk management. Contact information for those should be email addresses and phone numbers that are monitored during normal business hours. Then go to Nacha’s Risk Management Portal at riskmanagementportal.nacha.org, log in and follow the steps. In just a few minutes you’ll be done and in compliance.
Just remember to keep your information up to date. For example, if someone at your bank retires and they’re in your listing, be sure to update it promptly. You also have options to provide additional contacts for other departments or operational areas (such as wire and check).
Go to nacha.org to learn more.