Viewpointe, a leading provider of electronic content and exchange solutions and services, today launches its Viewpointe ACH Originator Compliance Self Assessment.
This next-generation, web-based offering allows for better understanding of the NACHA Rules (Rules) pertaining to the processing of electronic payments and helps businesses that are initiating ACH payments to assess their compliance with network rules. It also helps financial institutions meet an audit requirement to educate and train their Originator customers.
This new Viewpointe tool consists of a series of customizable modules, with questions based upon the obligations of Originators under the Rules. The modules will be periodically updated as the Rules are amended.
Complying with the Rules is the responsibility of Originators (companies or people) that are initiating payments to the Automated Clearing House (ACH) network through financial institutions or third-party senders. The Viewpointe ACH Originator Compliance Self Assessment provides a tool for Originators to assess their own compliance with the Rules.
At the same time, financial institutions and third-party senders are responsible for demonstrating to auditors and examiners that their Originators understand the Rules. These include originating depository financial institutions (ODFIs), payments processors that operate on a financial institution's behalf and third-party senders. Third-party senders are companies initiating ACH payments on behalf of Originators that, through agreement, have a relationship with a financial institution or other payments processor to allow them access to the ACH network. The Viewpointe tool allows all of these entities to monitor their Originators' progress as the Originators work through the check lists.
"Today, many institutions rely on written materials to meet their obligations to educate Originators," said Alexandria Andreeff, Viewpointe vice president. "However, there is no way that they can determine whether the material is understood, or even read. Our offering gives institutions a simple, online method for assessing Originators' progress with the material, while also providing the Originators a guide for understanding their own compliance."
Karroll Searcy, director of association services for Viewpointe Clearing, Settlement & Association Services (VPCSAS) said: "As regulators increasingly focus on consumer protection, scrutiny on Originator compliance with the Rules has intensified. In particular, processors are heavily monitored. Because breaching the Rules can carry penalties for both the Originator and its partner institutions, our members are asking for up-to-date, easy-to-access training solutions."
Viewpointe also offers an online ACH Originator education suite, designed to assist in understanding of the Rules. Comprised of pre-recorded presentations, the education suite includes training for both experienced professionals as well as support staff, and can complement the use of the Viewpointe ACH Originator Compliance Self Assessment.