SPONSORED CONTENT PRESENTED BY NACHA
Fraud prevention and funds recovery are critical priorities for all financial institutions. The latest Nacha Rules, set to begin taking effect on Oct. 1, 2024, are intended to improve funds recovery between financial institutions after fraud has occurred.
To support this effort, Nacha has introduced a new feature in the Risk Management Portal offered to the industry called Secure Exchange. This feature enables secure communications between financial institutions to work on funds recovery.
Secure Exchange enables banks that receive ACH payments (RDFIs) to securely send notifications to originating banks (ODFI) that are required under the Nacha Operating Rules and Guidelines – 1) notifying the ODFI of the status of a request to return funds, and 2) notifying the ODFI that the RDFI has not provided funds availability for an ACH credit payment.
To use Secure Exchange, an authorized RDFI user in the Risk Management Portal completes and sends a standardized form. Secure Exchange auto-populates the correct contact information for the ODFI from the ACH Contact Registry so that the RDFI user does not need to determine the appropriate recipients manually.
Once the form is sent, the designated contacts at the ODFI receive an email alerting them to a secure message waiting in Secure Exchange. That email instructs the recipient at the ODFI to log in to see the message in Secure Exchange.
Secure Exchange will send notifications by email to all contacts in the recipient’s ACH Operations and ACH Risk & Fraud categories that are in the ACH Contact Registry.
All financial institutions play an essential role in ensuring the effectiveness of the Risk Management Portal by keeping their contacts up to date in Nacha’s ACH Contact Registry, which is required by the Nacha Rules. The ACH Contact Registry is the largest industry source of contacts at counterparty financial institutions—not just for ACH payments, but also for checks, wires, instant payments and other payment methods.
To access the Risk Management Portal and its services, visit RiskManagementPortal.nacha.org to log in. If you are not yet an authorized user, your financial institution’s administrator(s) will need to grant you user login access. If you are unsure who the Portal administrator(s) is/are for your financial institution, please contact Nacha Risk Management Portal Support at email [email protected].
