NACHA Rule; SAR Activity Review: By the Numbers; Da Beach

Posted by Anthony Demangone

NACHA's membership has approved a rule on mobile ACH payments.   Here's what it does.

Specifically, the Mobile ACH Payments Rule incorporates mobile ACH debits into the existing category of Internet-Initiated Entries (WEB). This Rule requires that mobile payments use the WEB Standard Entry Class (SEC) Code. In particular, the Mobile ACH Payments Rule:

• Expands the definition of WEB entries to include debit entries authorized and/or initiated via wireless networks
• Applies all provisions of the WEB SEC Code to mobile debit entries
• Revises the definition of Unsecured Electronic Network to include wireless networks and provides additional clarification to the industry  

The rule takes effect January 1, 2011. NACHA has indicated that it is preparing education and training materials. 

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FinCEN has released the latest issue of SAR Activity Review: By the Numbers.   Stop the presses, but SAR filings dropped in 2009.  Check out the guidance, as it is chock full of great numbers and statistics.

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I'm at the beach next week, where I plan to get sunburned and watch Kate and Briggs eat sand. (And to be yelled out for getting sunburned.)  Have a good weekend, everyone!

Comments

[Dianna]

Have a great week at the beach! Don't forget the baby powder . . . a secret trick to remove the sand (from limbs only, not the mouth of course!) and get back in the car without bringing the beach back home with you!! We are hoping our beaches down here (Fort Walton Beach FL)remain as beautiful as they still are today. Right now we get the "where is the oil" forecast when we watch the weatherman. ?? :( Scary stuff.