New Nacha Operating Rule changes are intended to reduce the incidence of frauds, such as business email compromise (BEC) or impersonation schemes, that make use of credit-push payments. The new Rules will impact all financial institutions and establish a base-level of ACH payment monitoring on all parties in the ACH Network (except consumers).      

The new Rules follow the flow of a credit-push payment to promote the detection of fraud from the point of origination through the point of receipt at an account at the RDFI. Join Nacha experts as they highlight what the new Rules are, their benefits and impacts to your financial institution. 

Speakers: 

Debbie Barr, AAP, CTP, Senior Director, ACH Network Rules Process, Nacha 

Amy K. Morris, Senior Director, ACH Network Rules, Nacha 

*This recording is not eligible for continuing education credits.

Tag(s): ACH, Nacha Rules, Compliance, Regulatory 

While check usage has been declining for some time, check fraud has been on the rise. Fraudsters have continued to devise fraud schemes, using new technology to their advantage and reinvigorating old methods. 

With new and reconfigured check fraud schemes, FIs must stay vigilant and adapt quickly to prevent losses. Although an issue that all financial institutions face, smaller FIs are being hit harder with losses caused by check fraud. It is critical that smaller FIs take steps to combat check fraud. 

Speaker: 

Brian Keefe, Financial Crimes Investigator, Senior Pre-sales Consultant, NICE Actimize 

*This recording is not eligible for continuing education credits.

Tag(s): Fraud, Check, Checks, Risk Management

There are a number of changes coming to the Nacha Operating Rules in 2024 that treasury, finance and payroll professionals need to understand. This webinar highlights what the new Rules are, their benefits and impacts to you, and how to prepare from both the sending and receiving perspectives. 

New Nacha Operating Rule changes are intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments. The new Rules establish a base-level of ACH payment monitoring on all parties in the ACH Network (except consumers).  

  A media release about these new rules is HERE. 

The new rules follow the flow of a credit-push payment to promote the detection of fraud from the point of origination through the point of receipt at an account at the RDFI. Listen to Nacha experts as they highlight what the new Rules are, their benefits and impacts to you. 

Speakers: 

Debbie Barr, AAP, CTP, Senior Director, ACH Network Rules Process, Nacha 

Amy K. Morris, Senior Director, ACH Network Rules, Nacha 

Tag(s): Nacha Rules, Compliance, Regulatory, 2024

ACH account validation is a compliance requirement in some ACH payment use cases. More importantly, account validation can drive significant reduction in ACH returns and related costs. During this webinar, attendees will learn more about account validation best practices to drive payment efficiencies. Speakers will present a case study with Aliaswire, a fintech company supporting leading financial institutions with B2B and B2C bill pay capabilities.  

Aliaswire leverages Phixius by Nacha, a peer-to-peer network for obtaining and validating payment-related information, to provide instant account validation to its clients. Prior to integrating with Phixius, return rates were a significant issue for Aliaswire clients due to incorrect or occasionally problematic account information.  After implementing Phixius, administrative return rates dropped 20% to 25% on average for their clients. Speakers will also discuss ACH return rules, as well as industry trends. 

Speakers: 

Joseph Fitzpatrick, President and Chief Revenue Officer, MicroBilt Corporation 

Nirmal Kumar, Chief Product Officer, Aliaswire  

Amy Morris, Senior Director, ACH Network Rules, Nacha 

Moderator - Robert Unger, Associate Managing Director, ACH Network Development, Nacha  

*This recording is not eligible for continuing education credits.

Tag(s): ACH, Phixius, Account Validation

Understanding the fundamentals of payment laws and regulations is crucial to understanding how payments work. So is having a clear comprehension of how the laws and regulations interact with one another, particularly when there may be overlap. Which law applies to a payment transaction depends on who the end users are, what kind of institution acts as intermediary, and what form of transaction is used to move the money. The introduction of new kinds of payments service providers and completely new forms of currencies and payments is raising questions about what laws apply to “fintech .” With so many agencies overseeing overlapping aspects of the payments industry, sometimes different agencies might be taking contradictory views about emerging issues. This session delves into these issues and provides an overview of the most significant laws and regulations governing payments, including Uniform Commercial Code Articles 3, 4, and 4A, the Expedited Funds Availability Act and Regulation CC, the Electronic Funds Transfer Act and Regulation E, the CFPB’s authority to act against unfair deceptive, and abusive acts or practices, and recent updates to Regulation J in anticipation of FedNow. The session touches on the rules that structure the Federal Reserve’s payments services, including Regulation J and the Fed’s Operating Circulars. The speaker will also describe the OFAC/Bank Secrecy Act compliance regime that applies to all payments in the U.S.

Speaker:

Duncan Douglas, Partner, Alston & Bird

Keyword(s): ALCS2023

*This conference recording is not eligible for continuing education credits.

The speaker in this session will discuss protections from liability for consumers under traditional card networks, unauthorized electronic fund transfers under the Electronic Fund Transfer Act (EFTA).

Speaker:

Stanley J. Boris, Counsel, Sidley Austin LLP

Keyword(s): ALCS2023

*This conference recording is not eligible for continuing education credits.

This session will explore the legal frameworks and best practices for responding to cyber security incidents and highlight the legal implications of such incidents. Presenter(s) will begin with an overview of the current cyber threat landscape and the different types of cyber security incidents that can occur, as well as the legal implications of cyber security incidents, including data breach notification laws, industry-specific regulations, and potential liability for data breaches. The presenter will use real-world examples to highlight the importance of a coordinated response between legal, IT, operations, and other stakeholders to ensure that the organization is able to effectively respond to a cyber security incident, while also covering the legal frameworks and best practices for responding to cyber security incidents, including incident response plans, legal privilege, and preserving evidence.

Speakers:

John Banghart, Senior Director for Cybersecurity Services, Venable LLP
Harley L. Geiger, Counsel, Venable LLP

Keywords: ALCS2023

*This conference recording is not eligible for continuing education credits.

Instant payments have transformed the way we transfer funds, making transactions faster and more efficient. But this innovation has also brought new legal considerations that must be taken into account. During this session, we will discuss the legal and regulatory frameworks that apply to instant payments, including Regulation E & UCC4A, as well as dive into the liability and risk management concerns associated with instant payments, including fraud, chargebacks, and data breaches. Speakers will also discuss strategies for mitigating these risks, such as implementing robust security protocols and complying with industry standards.

Speaker:

Jennifer Aguilar, APRP, Senior Associate, Alston & Bird

Keyword(s): ALCS2023

*This conference recording is not eligible for continuing education credits.

Financial institutions make business decisions to originate ACH transactions for clients, and it is incumbent on them to conduct appropriate due diligence and related risk management. With what could be considered high- risk activity, it is imperative that the FI implements a robust and holistic risk management program throughout the life cycle that has active involvement and commitment across the organization. Online gaming, ACH debit at online purchases without card network purchase protection, and other transactions are examples of industries where financial institutions have proceeded with caution. These industries could represent potential threats to payment systems so, as a result, various payment systems rules have been defined, all with the goal of protecting the integrity of the system as well as limiting possible risk. Speakers in this session discuss what constitutes “high- risk” payments and the types and magnitude of transactions that give rise to such risks. Understand who needs to be involved and why, what process elements need to be considered, and what are potential client showstopper questions.

Speaker:

Ellen Traupman Berge, Partner, Venable LLP

Keyword(s): ALCS2023

*This conference recording is not eligible for continuing education credits.

In today's digital age, many organizations rely on third-party senders or service providers to handle their payment transactions. While this may seem like a convenient and efficient solution, there are legal considerations that businesses must be aware of when outsourcing their payment processing. During this session, we will explore the legal landscape surrounding the use of third-party senders and service providers. The presenter will also discuss the various laws and regulations with which organizations must comply, including data protection and privacy laws, consumer protection laws, and anti-fraud regulations. The speaker will also discuss best practices for mitigating legal risks when outsourcing payment processing, such as conducting due diligence on potential service providers and regularly monitoring their performance. We will also examine where the various responsibility lies when it comes to transacting safely, as well as potential new Nacha requirements currently under consideration.

Speaker:

Keith Barnett, Partner, Troutman Pepper Hamilton Sanders LLP

*This recording is not eligible for continuing education credits.

Tag(s): ALCS, ALCS2023, Risk, Regulatory, Compliance, Legal