Payments Pulse - February 12th Edition

February 12, 2020

Payments Pulse

Payments Pulse, February 12, 2020

Industry News & Resources

85% of Businesses Have Real-Time Payments on Their Roadmap

Source: Pymnts.com

How Faster Payments Are Impacting the Future of Work

Source: HR Technologist

ACH Network Annual Growth Rate Hits 12-Year High

Source: Nacha

We Get Questions...

Q.) Are there different obligations for RDFIs in regards to account titling for ACH tax refunds from the IRS? Must the account name match the name on the refund credit?

A.) Tax refunds processed via the ACH are subject to the Nacha Rules and RDFIs may rely solely on the account number for posting (Article Three, Subsection 3.1.2). Although you are not required to perform name/account number matching, you may choose to make a business decision and return an ACH entry for name/account number mismatch using the R03 – No Account/Unable to Locate Account return reason code, which carries a 2 business day right of return. For additional information about ACH processing during tax season and to learn what the IRS and individual states are doing to combat tax refund fraud, you can order our recorded webinar titled Exception Handling of ACH Tax Payments – On Demand. This session was recorded in 2019 but the information presented is still relevant in 2020. No charge for TCHPA members.

Have a question for TCHPA? Call 800-875-2242 (choose option 3) or email education.services@theclearinghouse.org.

Registration Open for Concepts 2020!

Join us October 21-23 at the Sheraton Hotel and Conference in Ann Arbor, Michigan for TCHPA’s 23rd annual event.

This regional payments conference provides busy payment professionals with an opportunity to connect with industry peers and experts who can help solve your payments challenges and open your perspective to new ways of doing things.

We’re currently working on a powerful line-up of knowledgeable and engaging presenters to speak to today’s hot topics in payments. If you, or someone you know, is interested in sharing their payments expertise with our audience, please contact Anne LaPine for next step instructions. As the agenda starts to take shape, we’ll add details to the conference webpage.

Upcoming TCHPA Education

FEB

APRP Prep Talk: Steps to Preparing for the 2020 Exam

FEB

Wire Fundamentals

FEB

AAP Prep Talk: Steps to Preparing for the 2020 Exam

FEB

Payments Thirty: ACH Reversals for Financial Institutions

MAR

Introduction to CHIPS (Wire Processing)

New sessions added to our 2020 curriculum:

ACH Rules and Responsibilities for FIs and Companies

ACH Network participants from financial institutions and companies alike should be familiar with the ACH Rules and share the responsibility of maintaining the ACH payments system. In order for the ACH Network to function seamlessly, participants must have access to the current ACH Operating Rules & Guidelines. That’s why we provide every FI member and corporate subscriber with access to the updated ACH Rules each year. For additional information about the importance of the Rules, check out Nacha’s video titled “The ACH Network – A Shared Responsibility”.

Remember, it is our goal at TCHPA to offer the most competitive pricing around for the ACH Rules and other industry publications and resources. Be sure to check the TCHPA store first before purchasing elsewhere!

Real Time Payments

RTP® - What's in it for you?

What are my options to connect to the RTP network?

Federally insured U.S. depository institutions have the option to directly connect to the RTP network. FIs can also connect to the RTP network using an electronic connection provided by another entity, referred to as a third party service provider, such as a core processor, a hosted gateway, a bankers’ bank or a corporate credit union.

For more answers to frequently ask questions, visit the RTP for Financial Institutions page on the TCH website.

Professionals in every trade have an association they rely on for industry expertise, support and resources. We're the Association for Payments People.

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