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Return and correction procedures Following NACHA standards, financial institutions and other network participants must adhere to precise returns and error correction procedures to ensure seamless payments and regulatorycompliance within the ACH network. NACHA compliance requirements are reviewed and updated annually.
Of the 420-plus customers, Rojas said about 140 are currently using one of the company’s two ACH products, dubbed ACH-ODFI and ACH-RDFI. ODFI focuses on the origination of transactions, while RDFI concentrates on receiving transactions. The banks are saying, ‘This is a way for us to attract bigger and better customers,’” Rojas stated.
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