Nacha Encourages Voluntary Formatting Standard
In 2023, Nacha issued a Request for Comment on a proposal to standardize the use of the Individual Name field in consumer ACH Entries. While the proposal did not move forward to ballot, Nacha recommends that Originators and their Third-Party Service Providers consider voluntary adoption of the Individual Name field standard that was originally proposed. Standardization of the Individual Name field can provide benefits for monitoring Entries for potentially fraudulent payments.
Click the Read More link below for complete details on this recommendation. If you have questions, please call ePayResources' Payments Answerline at 800-475-0585, Option 1.
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| Topic | |
| Delivery Type | - Articles / Editorial
- Partner / Industry Resources
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| Role | - Back Office Operations
- Compliance, Risk Incident Management
- Frontline Operations
- Payments Support
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| Organization Type | - Challenger / Neo Bank
- Financial Institution
- Software & Service Provider / FinTech
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| Knowledge Level | - Advanced
- Beginner
- Intermediate
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| News Details Button URL | https://www.nacha.org/news/ach-operations-bulletin-2-2024-voluntary-formatting-standard-individual-name-field |