Payments Pulse

October 04, 2022

Payments Pulse

Industry News & Resources

FedNow kicks off pilot phase ahead of 2023 Launch

Source: Emarketer

US Treasury to Join FedNow Pilot

Source: FRB Services

FedNow Pilot Brings New Features, Use Cases for Instant Payments in ’23 and Beyond

Source: PYMTS

We Get Questions...

Q.) Does the federal government process Notifications of Change?

A.) Yes, a Notification of Change is used for federal government (both civil and military) payments that are made on a recurring basis. However, the federal government’s disbursing systems are only able to process the following six authorized COR/Change codes:

C01 – Incorrect Account Number
C02 – Incorrect RTN
C03 – Incorrect RTN and Incorrect Account Number
C05 – Incorrect Transaction Code
C06 – Incorrect Account Number and Incorrect Transaction Code
C07 – Incorrect RTN, Incorrect Account Number, and Incorrect Transaction Code.

The federal agencies will not process any others. For detailed information regarding this process, please refer to the Green Book. If you have questions regarding a specific COR issue, you can contact the Fiscal Service Payment Management Call Center at 1-855-868-0151, Option 1. Source: The Green Book

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

The information contained herein has been prepared for general informational purposes only and is not offered as and does not constitute legal advice. You should consult with your legal counsel regarding the legal, regulatory and payments industry rule requirements that apply to specific transaction scenarios.

Federal Reserve Updates

Feds Reduce Paper and Streamline Reclamations Process
As part of the ongoing process of reducing paper, the U.S. Department of the Treasury, Bureau of the Fiscal Service offers Financial Institutions the opportunity to utilize their free and secure Pay.gov service for the Notice of Reclamations process. Enrolled FIs can respond to Reclamations, process payments, see completed forms, store information, and more. Email Delivery for ACH reclamations is also available.

For additional information on ACH Reclamations rules, procedures and liability, please see
Green Book: Guide to Federal ACH Payments and Collections
Title 31 part 210 subpart B – RDFI Liability

FedNow Service Kicks off Pilot Phase
This instant payment infrastructure, now in the pilot phase, is expected to launch in 2023. FedNow Service seeks to develop and deliver innovative payment services and solutions. For more information Explore FedNow

Nacha Updates

Nacha Announces New Risk Management Framework for the Era of Credit-Push Fraud. Nacha released a report on its latest Risk Management Framework providing a new strategy for industry participants in the ACH Network as well as other payments systems to address new and persistent fraud that increasingly make use of credit-push payments.

Embracing Nacha’s New Risk Management Framework Webinar
Live! October 14, 2022 from 1:30-3:00PM
This webinar, presented by Nacha, explores objectives, themes, and areas of focus as detailed in the Risk Management Framework. Register now!

Set Your Team Up for Success!

A few weeks ago, an FI member emailed TCHPA to request a report of completed training by their staff. “This guy gets it,” I thought. You can have world-class systems with the latest and greatest software updates, thorough policies, well documented procedures, and timely reviews via audit—however, staff need to understand payments on a deeper level.

Education must be a priority to our members! For this reason, TCHPA offers an education-inclusive membership. Our Recommended Learning Paths tool showcases education by functional role. This is a great resource for management and staff.

Your TCHPA membership includes over 70 courses for payments education. These include ACH, Card, Check, RTP, Wire, Certificate Programs (ACH and Wire transfer), CAMS-certified training for your BSA team—as well as AAP, APRP, and NCP exam preparation webinar series.

To learn more about how we can help in preparing your staff for success, schedule a TCHPA member orientation with us today!
For more information, email us at: education.services@theclearinghouse.org

Payments Education

BSA/AML Compliance Workshop (Virtual)

Now on-demand!

Presenter Nancy Lake, Director of Training with ARC Risk and Compliance and AML-ology, presented this one-day virtual workshop via live webinar. This course was developed for those who have responsibility for their financial institution’s (FIs) Bank Secrecy Act / Anti-Money Laundering programs. Learn about the latest updates from FinCEN and important news that impacts your financial institution. Register now!

Member Support

TCHPA Fact Sheet

Remember, when you need support from The Clearing House Payments Authority (TCHPA), you can reach our Member Services staff directly by calling 800-875-2242 and choosing option 3, or by emailing education.services@theclearinghouse.org.

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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