November 24, 2020

2021 Nacha Rule Change

Our team has been in the financial services industry collectively for over 60 years, and one message is clear: “customers need to feel they can trust a company processing a transaction.”

According to Plaid, a San Francisco-based financial services company, ACH (Automated Clearing House) transactions are growing by double digits every year.

We recognize that securing faster payments can be a challenge for originators and consumers, plus it can open the door to fraud. 

In an effort to mitigate this, the governing body overseeing the ACH network, Nacha, will implement a new account validation rule on March 19, 2021.

Requirements to be aware of with the Nacha rule change:

Specific use cases that may be impacted by the Nacha rule change:

  • Online payments
  • Contributions to 401k’s 
  • Installment loans (credit, car loans, mortgages)
  • Point of sale purchases

We recognize the urgent need for effective account validation considering the growth of ACH payments, the current practice of social distancing and the need to digitize payments. Razorvision’s team of specialists can offer a hand with these and other upcoming hurdles.

Interested in learning more?

Share Now
October 18, 2022

What is A/B Testing? A/B testing, also known as slipt testing, is a user experience methodology

QA Testing
June 28, 2021

Do bugs leak out to production despite your company’s investment in test automation? Do these bugs

Consumer Lending
June 7, 2021

Razorvision Consulting and NXTsoft announce a strategic partnership to help financial institutions deliver high-margin digital lending

Want to explore all Razorvision features?
Whether you’re a startup aiming to disrupt the market or an established company looking to stay ahead, we have the experience and innovation you need.
Digital Transformation Experts