What is a requirement for DFI Same Day ACH participants?

For depository financial institutions (DFIs) participating in Same Day ACH, conducting risk assessments is critical. This requirement ensures that institutions evaluate their processes, systems, and controls related to Same Day ACH transactions. By performing risk assessments, DFIs can identify potential vulnerabilities and mitigate risks associated with faster payment options. This proactive approach helps maintain the integrity and security of transactions while complying with regulatory and operational guidelines.

While daily reconciliation, establishing direct customer contact, and implementing fraud detection measures are all important aspects of managing financial transactions, they are not explicitly mandated as requirements for participants in Same Day ACH under the rules set forth by Nacha. Instead, risk assessments form the foundation for developing these other measures and ensuring that the institution can handle the complexities of expedited payment processing securely and efficiently.