Fed Announces Policy Change to
Operating Circular 3 - The Federal Reserve System Retail
Payments Office announced a policy change to Operating Circular 3,
effective July 15, 2008, that will hold sending banks liable for
remotely-created payment orders that bypass NACHA rules and monitoring.
Read Entire Story at the Fed's web site: http://www.frbservices.org/
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About NACHA - The
Electronic Payments Association is a not-for-profit
association that oversees the Automated Clearing House (ACH) Network,
one of the largest electronic payment networks in the world. More than
18 billion ACH payments were exchanged in 2007. Read
More about NACHA on their web site: http://www.nacha.org/About/default.htm