Third-Party Sender Registration Rule- How To identify whether you have a Third-Party Relationship, and What Does that mean with this NEW Rule?

OVERVIEW

Third-Parties in ACH perform different functions which determine 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.

WHY SHOULD YOU ATTEND

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 that exist and if there is no relationship, the 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. What type of information should you gather now to be ready for the registration process.

AREAS COVERED

• Outline details on how to determine if there is a Third-Party Sender relationship or a “nested” Third-Party Sender
• Identify the extra implementation period, provided by NACHA to submit initial registration information (past Sept 29, 2017)
• Registration is also required for the ODFI to provide statements that they have no Third-Party Sender customers
• Compliance with the Registration is Required by the ODFI for each Third-Party Sender (and nested TPS)
• Provide details on when the Third-Party Sender registry will become available for ODFIs to begin submitting registration information (Begins Sept 29, 2017)

LEARNING OBJECTIVES

• Identify ways in which the ODFI can perform due diligence to determine “if” they have a Third-Party Sender relationship
• Define the requirements for the ODFI to provide a limited set of initial, basic registration information for each Third-Party Sender
• List the additional pieces of information on TPS that may be required by NACHA
• Outline timeframe that ODFIs will have to register their Third-Party Sender customers

WHO WILL BENEFIT

• ACH Operations staff
• Compliance Officers (Auditors)
• ACH Managers
• Third-Party Senders
• Electronic Payments Professionals
• AAP’s – keeping up with changes in ACH Rules and wanting to earn AAP Continuing Education Credits
• Anyone who wishes to enhance his or her knowledge of new rules

Email: [email protected]

Toll Free: +1-888-300-8494

Tel: +1-720-996-1616

Fax: +1-888-909-1882

Others Details

Know about the NEW Rule that requires Originating Depository Financial Institutions (ODFIs) to identify and register their Third-Party Sender customers with NACHA.