• NACHA – The Electronic Payments Association’s has issued a Request for Information (RFI) to seek information on the possible expansion of the number and types of addenda records available for use with automated clearing house (ACH) payments.
• Based on feedback received, NACHA may develop specific proposals to amend the NACHA Rules.
• NACHA is primarily interested in four topic areas:
1) Expanding the allowed number of addenda records to nine for all Standard Entry Class (SEC) Codes that currently are limited to zero or one addenda record;
2) Increasing the number of addenda records for CTX (and perhaps ENR and TRX) transactions to a number larger than 9,999, or remove the limitation entirely;
3) Creating additional addenda type codes to provide depository institutions with more information regarding the information they are receiving, such as free text, URL, XML, etc.; and
4) Establishing service-level requirements for receiving depository financial institutions (RDFIs) to provide the payment-related information in addenda records to their consumer receivers.
• CUNA is interested in how these addenda record topics may affect credit union operations and compliance on the ACH network.
• Comments for the request for information are due to NACHA by May 16, 2014; please submit your comments to CUNA by May 5, 2014.
• If you have any questions or comments, please contact CUNA Assistant General Counsel for Regulatory Research Dennis Tsang at email@example.com.
• For additional background, please visit NACHA’s comment page, this RFI ; and a presentation on these topics