Nacha Third Party Sender Registration
This rule requires Originating Depository Financial Institutions (ODFIs) to identify and register their Third-Party Sender customers. The registration process promotes consistent customer due diligence among all ODFIs, and serves as a tool to support Nacha’s continuing efforts to maintain ACH Network quality. This requirement became effective on March 1, 2018.
As a result of recent audit’s, Accume Partner’s has become aware of an ongoing issue concerning Nacha requirements. Financial institutions have been receiving a notice regarding failure to register their Third Party Sender status as well as re-registering their direct access status required since March 1, 2018.
Nacha considers this a Class 2 Rules violation and subject to fines up to $100,000 at the discretion of the Nacha panel referenced notice received. Per contacts at Nacha, Accume has been informed that Nacha is aggressively pursuing financial institutions that haven’t registered as required. Registration (confirming or denying) is required for ALL originators.