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NACHA goes live with third-party sender registration rules

A regulation requiring the registration of third-party senders – intermediary organisations that send payments through their own bank on behalf of a client – came into effect in the US at the end of last week. The rule means that Originating Depository Financial Institutions (ODFIs) must register their third-party sender customers with NACHA (the US's Electronic Payments Association) through NACHA’s new risk management portal.

Jane Larimer, chief operating officer at NACHA, said: “The implementation of the third-party sender registration rule is an important part of our ongoing efforts to maintain the high quality of the ACH Network. Third-party senders play an important role in expanding access to ACH payments. The new registration process will increase ODFI and industry understanding of third-party senders and will promote ODFI due diligence, as well as standardize a minimum set of customer information that must be available for registration.”

NACHA states that ODFIs will have to provide basic information such as the name and location of third-party senders as part of the registration process. ODFIs that have no third-party sender customers must attest to maintaining no such relationships.

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Cash & Liquidity Management
Cash & Liquidity Management in North America

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