ACH Return Responsibilities of ODFI, RDFI, ACH Originators and ACH Operators
Speaker: Mr. Justin Muscolino
Speaker Designation: Compliance Training Expert
Speaker: Mr. Justin Muscolino
Speaker Designation: Compliance Training Expert
Due to ever changing regulatory landscape for financial institutions, rules & regulations keep changing or new ones are added, that address back-office functionality. Nacha operating rules describe and outline the path to follow.
This payments webinar is intended to provide ODFI, RDFI, ACH Originators, and Operators with network requirements for returning ACH transactions. Participants will learn the appropriate return reason codes based on their role in the transaction and the event that results in the return (e.g., system return or consumer/business-initiated return).
Both an ODFI and an RDFI are considered to be an ACH Operator, which means that they have gone through a level of certification through NACHA, the National Automated Clearing House Association. The ACH return, generally, is sent by the RDFI, but the ODFI or ACH Operator may sometimes send an ACH return message in rare cases.
This webinar is ideal for deposit and treasury operational and sales teams, compliance, and internal auditors who want to gain a better understanding of the return process. We will go over each aspect in detail and discuss how it relates to your roles and responsibilities.
Justin brings over 20 years of wide-arranging experience in compliance, training and regulations. Most recently, he served as Head of Compliance Training at Bank of China where he led the compliance training function and created and monitored the annual training plan through a thorough training needs analysis. Previously he served as Macquarie Group’s Head of Americas Compliance Training and JPMorgan Chase’s Compliance Training Manager.
Justin also worked for FINRA, a US regulator, where he created Examiner University to train examiners on how to perform their function. Some of his vast areas of expertise are : Compliance training programs, managing regulatory projects, lasing with regulators, and identifying gaps/opportunities for improvements in risk mitigation.