September 2014In this issue:
- Nacha Rule Updates
- ACH Security Framework Reminder
- New & Improved Text Alerts
- InterceptEFT Golf Extravaganza
Customer Support TipsWith the launch of our new website, e-contracts has moved to under the "Other Services" tab
Did you know?Fargo, North Dakota has one of the lowest unemployment rates in the country at 3% in June 2014.
InterceptEFT CalendarApex Software Users Conference
San Antonio, TX
Thomson Reuters Users Conference
National Harbor, MD
Upcoming Non-Processing HolidaysColumbus Day
Monday, October 13th
Tuesday, November 11th
Thursday, November 27th
Upcoming Nacha Rules Changes
Prenotification Entries: Reduction in Waiting Period for Live Entries
Shortens the ODFI's Prenote response waiting time to 3 banking days. In the past, Originators had to wait six Banking Days before transmitting "live" entries following a Prenote. The new Rule will reduce the waiting period from six to three banking days. This means that if an Originating Depository Financial Institution (ODFI) does not receive a Return Entry or a Notification of Change (NOC) in response to a Prenote, the Originator is free to originate new "live" entries more quickly after the Prenote than previously allowed.
Connie Mosier, VP,
Proof of Authorization for Non-Consumer Entries
Effective September 19th, 2014
Requires the ODFI to provide a non-consumer receiver's authorization on select SEC codes. This Rule now requires that if a Receiving Depository Financial Institutions (RDFI) requests proof, from an Originating Depository Financial Institution (ODFI), of a Non-Consumer Receiver's authorization for a Corporate Credit or Debit (CCD), Corporate Trade Exchange (CTX) or inbound International ACH Transaction, the ODFI must provide that information.What this means for InterceptEFT customers: As a best business practice, InterceptEFT has always recommended obtaining authorization on non-consumer accounts, and now the rules support this practice.
Nacha Rules ACH Security Framework Requires Security PolicyEffective September 20th, 2013
With the recent increase of data breaches in the news, InterceptEFT would like to remind you about the Nacha rule requiring participants in the ACH Network, or companies such as yours, to establish a data security policy and procedures to protect confidential information.
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InterceptEFT Golf Extravaganza provides scholarships to 26 local students
For the 5th year, InterceptEFT has partnered with the Smith Family Foundation to host the InterceptEFT Golf Extravaganza. Proceeds from the Golf Extravaganza are used to provide local students with scholarships. This year's Golf Extravaganza raised enough to give 26 scholarships to students!
Craig Dresser, CEO