Southern Financial Exchange

With erroneous, duplicate, or unauthorized ACH entries, it can be hard to determine compliance responsibility and liability. For instance, consider this scenario: - The Originating Depository Financial Institution (ODFI) has initiated an erroneous, duplicate, or unauthorized entry by the Originator. - The ODFI is not made aware of the error within the Nacha Operating Rules timeframe to initiate a Reversing Entry. (A reversing entry must be initiated in a timely manner and made available to the Receiving Depository Financial Institution (RDFI) within five banking days after the Settlement Date of the Erroneous File.) - If it is beyond the timeframe to send a Reversing Entry (five banking days after the Settlement Date of the Erroneous File), the ODFI may ask the RDFI to return the entry R06 – Returned per ODFI’s request. What is the RDFI to do? - The RDFI is not required to comply with this request. - In fact, SFE recommends the RDFI consider the following before agreeing to the request: o  Will the R06 return cause an overdraft? o  Is the ODFI willing to send a letter of indemnity? o  Does the return interfere with actions anticipated or in process? - From a business perspective, the answers to those questions will dictate whether the RDFI should accommodate the  ODFI’s request. Effective, April 1, 2025, Nacha Operating Rules will allow ODFIs to request the return of an entry for any reason, and the RDFI will have an obligation to advise the ODFI of its decision or the status of the request within 10 banking days of receipt of the request. These new rules will be discussed in SFE’s September 18 training, “The Rules Have Changed. Have You?” featuring Nacha's Jordan Bennett, AAP, APRP and EFTBOP, LLC/Payliance's Diana Gunn, AAP, APRP Register today. https://lnkd.in/eAe3UWTv

In today's dynamic payments landscape, it pays to stay on top of developments. But how do you get a quick snapshot of the most pressing emerging topics? Sometimes, it's just about knowing where to look. As Patricia Braswell, ACH Operations Supervisor at the Department of Corrections Credit Union recently said about our Videos Illuminating Payments (VIP) program, "Highly recommend the series Videos Illuminating Payments (VIP)! These mini videos give you the understanding of the functionality of the 'faster payment process,' as well as the benefit it can have for your organization. I’m so glad that SFE offers this means of education; it’s a wealth of knowledge. And P.S., they couldn’t have picked a better instructor than Payments Professor "Kevin Olsen"!!" Find out more about this on-demand series, featuring sessions on: - Payments Channels in the U.S. - FedNow Know Now - FedNow Prepare Now - Building a Faster Payments Strategy - What is Check Fraud Visit SFE.org. Pam Rodriguez, AAP, CIA, CISA Danita Moss, AAP, NCP Catherine Bishop, AAP, APRP, NCP Dominic Plumeri, AAP, APRP David P. Sandra Parker

We are so happy to announce Jones Walker LLP has joined SFE as an Affiliate Member! Jones Walker is among the largest 140 law firms in the United States. The firm is committed to providing a comprehensive range of legal services to money center banks and emerging companies doing business in the United States and abroad. We are thrilled to have you as a member of the SFE community. https://lnkd.in/epv-X3HA Pam Rodriguez, AAP, CIA, CISA Catherine Bishop, AAP, APRP, NCP Sandra Parker David P. Dominic Plumeri, AAP, APRP Danita Moss, AAP, NCP

A huge welcome to ThreatAdvice as a new SFE Affiliate Member! ThreatAdvice offers fraud and cybersecurity solutions for FIs, including email fraud monitoring and real-time fraud reporting. Welcome to the SFE community! An added bonus for SFE members: We're going to be bringing additional member benefits your way! Keep an eye out for upcoming knowledge-sharing opportunities as a member benefit. https://lnkd.in/eAT9zne Starr Largin Karly Field Pam Rodriguez, AAP, CIA, CISA Catherine Bishop, AAP, APRP, NCP Sandra Parker David P. Dominic Plumeri, AAP, APRP Danita Moss, AAP, NCP

SFE is thrilled to welcome EFTBOP, LLC as a new Affiliate Member! EFTBOP, a division of Payliance, is a leader in payment processing solutions and specializes in performing backroom operations and technology for ACH Processing on behalf of ODFI banks. We are thrilled to have you on board and part of the SFE community! https://payliance.com/ Diana Gunn, AAP, APRP Pam Rodriguez, AAP, CIA, CISA Catherine Bishop, AAP, APRP, NCP Sandra Parker David P. Dominic Plumeri, AAP, APRP Danita Moss, AAP, NCP

In celebration of Independence Day, SFE will be closed on Thursday, July 4, 2024. FedACH Services closed for Independence Day at 11:30 p.m. ET on Wednesday, July 3, 2024, and will resume processing at 5:30 p.m. ET on Thursday, July 4, 2024, with the third file delivery beginning at 8:15 p.m. ET. Have a wonderful holiday! Pam Rodriguez, AAP, CIA, CISA Danita Moss, AAP, NCP Dominic Plumeri, AAP, APRP Sandra Parker Catherine Bishop, AAP, APRP, NCP David P.

SFE is thrilled to have Pam Rodriguez, AAP, CIA, CISA and Catherine Bishop, AAP, APRP, NCP heading back to the 90s at Louisiana Credit Union League's Annual Convention, taking place July 24-26 in New Orleans. We'll be exhibiting, so make sure to stop by and see us--it'll be totally rad! David P. Dominic Plumeri, AAP, APRP Sandra Parker Danita Moss, AAP, NCP

Celebrating Judy Long and 50 years with First Citizens National Bank!

Please join SFE in welcoming Matthew Ibach, CTP MBA, Treasurer, Soaren Management, as SFE's newest Professional Member! We are thrilled to have you on board, Matthew! For more information on SFE membership, visit https://lnkd.in/eNBQGdzP. Pam Rodriguez, AAP, CIA, CISA Danita Moss, AAP, NCP Catherine Bishop, AAP, APRP, NCP Dominic Plumeri, AAP, APRP Sandra Parker David P.

A huge congratulations to SFE's newest NCP members! - Hollie Duet, Home Bank, NA, Lafayette, LA - Meaghan LeBlanc, The Evangeline Bank and Trust Company Ville Platte, LA - Tyanna Rasberry, United Mississippi Bank, Natchez, MS For more info on our NCP Prep Program, check out: https://lnkd.in/gYHGC6e. Pam Rodriguez, AAP, CIA, CISA Danita Moss, AAP, NCP Dominic Plumeri, AAP, APRP Sandra Parker David P. Catherine Bishop, AAP, APRP, NCP