Third-Parties – Who are They, How To Identify Which Third-Party They Are, and What Are Their Responsibilities in the ACH Network?

Key Take Away:
ANEWRule was recently approved and will require Originating Depository Financial Institutions (ODFIs) to identify and register their Third-Party Sender customers with NACHA. The registration process will promote consistent customer due diligence among all ODFIs, and serve as a tool to support NACHA’s continuing efforts to maintain ACH Network quality. 

In order to understand the impact this will make on the different participants (specifically Third Parties) – we need to identify the “Third-Party Sender” – extremely detailed examples will be used to help with this identification (due diligence) process.

Overview:
In this 90-minute session, the different types of Third-Parties will be addressed.  Third-Party Service Provider and Third-Party Sender and the difference between the two will be identified to help the ODFI in determining if they have a Third-Party Sender relationship.  The ODFI is required, with this new Rule, to register any Third-Party Sender relationship or even if there is no relationship, registration is still necessary.

Attend this session to hear suggestions on how the ODFI can perform their due diligence to determine whether they have a Third-Party Sender relationship and register with NACHA accordingly beginning Sept 29, 2017.

Why Should You Attend:
Third-Parties in ACH perform different functions which determines their role in the ACH network.  A NEW Rule now requires registration with NACHA to identify any Third-Party Senders!

What do these Third-Parties do for either the financial institution (ODFI/RDFI) or the company (Originator) and how does this affect the role they play in the ACH network? First due diligence must be done by the ODFI to answer this question – are you in a Third-Party Sender relationship?

Determined by this “role they play” makes them, and the financial institution they do business with obligated to adhere to responsibilities and the Rules when processing ACH Payments.The ODFI will be required to register any Third-Party Sender (and nested Third-Party Senders) for whomever they are doing any type of ACH business with them.
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