Payments Pulse

June 15, 2023

Payments Pulse

Industry News & Resources

Final Guidance on Third-Party Risk Management

In the first week of June, Federal bank regulatory agencies issued final joint guidance on Third-Party Risk Management.

Federal Trade Commission (FTC) Analysis on Most Reported Text Message Scams

The FTC has data that shows that Bank Impersonation is the Most-Reported text message scam that resulted in hundreds of millions of dollars in consumer losses for 2022.

Let's Make June Elder Abuse Awareness Month!

World Elder Abuse Awareness Day recognized on June 15th, but it's so important that the industry is educated and made aware of elder abuse. In 2023, the Consumer Financial Exploitation Project Team was formed by e Payments Innovation Alliance . Each week in June new tools are being provided to assist financial institutions assist account holders with fraud-prevention efforts and address the needs of victims by helping with reporting and asset recovery. Check these materials out each week on the Consumer Financial Exploitation Project Team page.

Payments Education

Welcome Back In-Person AAP Prep Review Workshops!

In September of this year, the TCHPA Education team will be hosting two in-person AAP Prep Review Sessions! This interactive workshop will help you assess your preparedness for the Accredited ACH Professional (AAP) exam, including tips for taking the test. Prerequisites for this session are the 8-week AAP Prep Course or other session’s specific to preparation for the AAP Exam. Click here for more information

TCHPA Education for July:

JULY

A Roadmap to Debit Card Disputes

JULY-SEPT

27-14

AAP Exam Prep Webinar Series

Registration closes July 26, 2023

TCHPA Resources:

ACH WEB Entries: Credits and Debits
This resource is a great concise resource to understand some of the nuances related to ACH WEB Entries. Not only are common topics addressed, but you'll also get to see answers to commonly asked questions such as: ' Can a company originate WEB credits to consumers?', 'When must I complete the Annual Data Security Audit?', 'What Constitutes a copy of an electronic authorization?', and more.

Resources for ACH Compliance
This is a great list of resources financial institutions or corporate organizations might want to have on hand as they review or develop their own ACH compliance program. This is also a great place to start if you need to familiarize yourself with different areas of ACH Compliance if you are looking to sit for the AAP Exam.

We Get Questions...

The following is provided for informational purposes only and doesn't constitute legal advice.

ACH

Q.) We are an ODFI that is considering implementing the use of Micro-Entries. Does the acceptance of Micro-Entries mean we have successfully obtained authorization?

A.) No. The Nacha Operating Rules and Guidelines define a Micro-Entry as "a credit or debit Entry used by an Originator for the purpose of verifying a Receiver's account or an individual's access to an account. (Nacha Operating Rules & Guidelines, Article 8, Section 8.59).

While Micro-Entries can be an effective tool to validate an account, as part of an Originator's commercially reasonable fraud detection system, it's important to understand that they also carry their own set of rules, such as obtaining authorization for the transaction, specific formatting requirements, as well as a requirement to monitor the forward and return activity of all Micro-Entries (Nacha Operating Rules & Guidelines, Article 2, Section 2.7).

Member Support

TCHPA Fact Sheet

Remember, when you need support from The Clearing House Payments Authority (TCHPA), you can reach our Member Services staff directly by calling 800-875-2242 and choosing option 3, or by emailing education.services@theclearinghouse.org.

Professionals in every trade have an association they rely on for industry expertise, support and resources. We're the Association for Payments People^®

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