At Transact, we are taking the steps to stay ahead of compliance by incorporating features for the new NACHA ruling to the Transact Payment system. You may have seen a reference to this in release 2020.7. While we are working in the background to add this feature to your instance, expect global deployment to production environments in March 2021.
Does the ACH account validation check other criteria such as sufficient funds or account owner details?
No, only the account number at this time.
What happens if the ACH account is not found in the validation database? Will a response be provided in real-time?
If a student/parent sets up an eRefund account and a refund has been made, will that be considered sufficient validation to allow the user to enter the same account number for payment subsequent to the refund?
Transact utilizes commercially available services via Microbilt.
Do Originators need to verify accounts for existing web debit customers?
No, this rule only applies to new web debit account numbers.
Each institution is responsible for the NACHA standards, this will not be validated by Transact, correct?
Account validation will be provided for both SmartPay and Non-SmartPay clients.
Do these new requirements also apply to eRefunds or just payments that the school receives?
The current requirements apply only to web debits from a bank account. eRefunds will not apply to the ruling.