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Automated Clearing House Transactions: Operations, Compliance, and Audit

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The electronic payments industry is always changing, and new ways of using the ACH network to make payments create new challenges for financial institutions. Changes in the ACH network mean not only changes to rules and regulations, but also changes to the way financial institutions conduct business.

Sheshunoff®'s Automated Clearing House Transactions: Operations, Compliance, and Audit offers step-by-step guidance for operating ACH transactions efficiently and in full compliance with the Operating Rules of the National Automated Clearing House Association, Regulation E, Regulation CC, and UCC Article 4A. The manual includes:

•  The basics of the ACH network and the different types of ACH transactions
•  Guidance to originating depository financial institutions (ODFIs) and to receiving depository financial institutions (RDFIs) for complying with the ACH Rules
•  Explanation of the obligations and responsibilities of originators, ACH operators, and third-party service providers
•  Guidance to help institutions comply with the relevant regulations and explain what the potential liabilities can be for noncompliance
•  Explanation of the major areas of risk and what you can do to help minimize your exposure
•  Guidance on performing a self-audit
•  Sample policies, checklists, and reference materials

Noncompliance with the ACH rules can potentially result in a fine to your financial institution. Lack of ACH risk management policies and well-documented operational procedures can expose your financial institution to a financial loss, the possible loss of a customer or member, and even damage to the institution's reputation. Automated Clearing House Transactions: Operations, Compliance, and Audit can help you minimize your ACH risk.

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Table of Contents

Introduction to the ACH Network

Chapter 1: Introduction and Overview

Chapter 2: ACH Transactions

ODFI and RDFI Issues

Chapter 3: Origination of ACH Entries

Chapter 4: Receipt of ACH Entries

Chapter 5: Returns and Corrections Generated by Financial Institutions

Other ACH Participants

Chapter 6: Corporate Originators

Chapter 7: ACH Operators

Chapter 8: Financial Institution/Third-Party Service Provider Relationships

Compliance Issues

Chapter 9: Rules Enforcement

Chapter 10: Regulatory Compliance

Risk Management

Chapter 11: Risk Management

Chapter 12: Fraud Risk

ACH Audit

Chapter 13: ACH Rules Compliance Audit

Appendices

Appendix A: Glossary of Terms

Appendix B: Regional Payments Associations

Appendix C: Direct Financial Institution Members of NACHA

Appendix D: ACH Operators

Appendix E: EPN Rules 2011

Appendix F: Federal Reserve Bank Operating Circular No. 4

Appendix G: Resources

Appendix H: ACH Considerations in a Merger or Acquisition

Appendix I: ACH Risk Management Guidance