NACHA Extends International Deadline; Newsletter and Quiz Available
Last week, NACHA announced the delay of its International ACH Transaction rules and formats for six months. In their words:
NACHAâÂÂs Board of Directors has extended the effective date of the International ACH Transaction (IAT) rules and formats for six months, to September 18, 2009. NACHA and the two ACH Operators - the Electronic Payments Network and the Federal Reserve - strongly encourage financial institutions to have all production software implemented by March 20, 2009, the original effective date, and to use the six-month extension for additional process documentation, testing with the ACH Operators, and customer education, training and testing.
You can read all the juicy details here.
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NAFCU's August Regulatory Compliance Newsletter is now available. Members can access it here (along with a share insurance quiz).