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As of June 30, 2021, a new rule on supplementing data security requirements goes into effect for ACHoriginators that have an annual volume of 6 million transactions or greater. The rule requires the originators (and thirdpartyserviceproviders) to protect bank account information unreadable when it's stored electronically.
The other strategy is to migrate to another payment rail, likely Automated Clearing House (ACH), which is quickly climbing the B2B payment ranks. Yet both of these strategies require a third-partyserviceprovider to facilitate payment processing, whether funds are coming in via check or ACH.
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