ICBA told Nacha it supports the creation of a registry that would allow financial institutions to more easily connect with each other about ACH operations, exceptions and risk management.
In comments submitted via Nacha’s online portal, ICBA said this contact registry would be invaluable to community banks as they seek to communicate possible fraud and investigate erroneous transactions.
ICBA also urged Nacha to develop best practices for maintenance of the contact directory and to ensure that directory registration, while mandatory, is not enforced by Nacha’s system of fines.
Under Nacha’s proposal, all financial institutions participating in the ACH network would register contact information for personnel or departments responsible for ACH operations and fraud and risk management.
Nacha would make a registry of financial institution contacts available to financial institutions to use in addressing and resolving ACH operations and risk management situations.