Can you book cash faster? New rules coming for ACH use
April 28, 2008 by Valerie HelmbreckPosted in: Budgets and spending, Compliance, In this week's e-newsletter, Latest News & Views
Companies that either pay suppliers or receive customer payments via an Automated Clearing House (ACH) pay attention: There are changes coming in the next few months, courtesy of the Federal Reserve and NACHA (Electronic Payments Association.)
Here’s what to look for, starting in June:
- New rules have just been approved that will make it easier to find out who originated the transfer. Effective June 20, 2008, the “Company Name Identification Rule” requires companies originating an ACH to more clearly identify themselves.
- The Fed’s proposing a post time change to 8:30 a.m., to match the current post time for commercial ACH credits. This should be good for your cash flow if you’re receiving ACH debit transfers. This isn’t a done deal, but could be soon.
For more information on these rules and help making sure you’re compliant, visit www.nacha.org.
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Tags: ACH, Compliance, Federal Reserve, posting time, transfer
May 8th, 2008 at 11:37 am
Enjoyed the post!