Infrastructure solutions provider provider Viewpointe announced a new web-based solution pertaining to the processing of electronic payments, designed to help businesses that are initiating ACH payments to assess their compliance with NACHA network rules. The product, called Viewpointe ACH Originator Compliance Self Assessment, was formally announced at the NACHA Payments 2013 conference in San Diego.
It is also designed to aid financial institutions meet an audit requirement and to help them educate and train their originator customers. Originators -- that is, businesses or people initiating payments to the Automated Clearing House (ACH) network through financial institutions or third-party senders -- are responsible for complying with NACHA rules.
Financial institutions and third-party senders -- which include companies initiating ACH payments on behalf of originators -- are also responsible for demonstrating to auditors and examiners that their originators are compliant with ACH rule and regulations. According to Viewpointe, this new offering will help all of the entities involved in an electronic payment monitor its progress to ensure compliance.
"Today, many institutions rely on written materials to meet their obligations to educate originators,” said Alexandria Andreeff, Viewpointe vice president, in a statement. “However, there is no way that they can determine whether the material is understood, or even read. Our offering gives institutions a simple, online method for assessing Originators’ progress with the material, while also providing the Originators a guide for understanding their own compliance."
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio