NACHA Sample Clauses
The NACHA clause establishes the rules and requirements for processing electronic payments through the Automated Clearing House (ACH) network, as governed by the National Automated Clearing House Association (NACHA). In practice, this clause typically requires parties to comply with NACHA's operating rules when initiating, receiving, or managing ACH transactions, such as direct deposits or electronic bill payments. Its core function is to ensure that all ACH transactions are conducted securely and in accordance with industry standards, thereby reducing the risk of errors, fraud, or non-compliance.
NACHA the National Automated Clearing House Association.
NACHA. Is an abbreviation for the National Automated Clearing House Association, which operates the Automated Clearing House (ACH) transactions system. For further information, please see Provision 5.c.
NACHA. “NACHA” or “National Automated Clearing House Association” is responsible for establishing, revising and enforcing the Operating Rules for the US ACH Network.
NACHA i. To the extent the Check Image Transaction processing services require any transactions to be processed as ACH Entries, Sub- Merchant shall be considered the Originators of such Entries. Sub-Merchant agrees: (a) to comply with the NACHA Operating Rules; (b) that Entries may not be initiated that violate the laws of the United States or any other jurisdiction in which the Sub- Merchant operates; and (c) that Sub-Merchant shall be responsible for the breach of any warranty under the NACHA Operating Rules with respect to Entries initiated by Sub-Merchant. Sub-Merchant is responsible for compliance with all requirements of the NACHA Operating Rules that pertain to the paper-based Entries processed hereunder. This responsibility includes, but is not limited to, responsibility for requirements pertaining to capture and initiation of Entries (including rules regarding eligibility of the underlying items), required notices to receivers, opt out rights, separation of fees, requirements concerning identification of the receiver, maintenance of a working telephone number that is answered during business hours for receiver inquiries, requirements to assure that underlying items are not presented such that any person will be required to pay on the underlying item, and requirements regarding keeping, destroying or providing copies or originals of the underlying items and related information.
ii. Sub-Merchant may elect to have FTNI, through WorkWave, process Entries using FTNI’s designated partner settlement account. If Sub-Merchant so elects, Sub-Merchant shall be responsible for any special warranties or indemnities that FTNI is required to make under the NACHA Operating Rules as to such Entries. Sub-Merchant agrees to comply with all relevant data security requirements (including, but not limited to, those requiring the use of encryption technology where ACH information is transmitted over unsecured networks such as the internet other than through an application certified by FTNI). Sub-Merchant agrees that it will not reinitiate Entries except as permitted by the NACHA Operating Rules. Sub-Merchant agrees that reversing Entries and reversing files must be transmitted on a timely basis as required by the NACHA Operating Rules.
iii. Sub-Merchant agrees to comply with and be bound by the NACHA Operating Rules, as they may be updated from time to time. The duties of Sub-Merchant set forth in this Appendix 3 in no way limit Sub-Merchant’s obligations to comply with the N...
NACHA. Participants shall reimburse the Contractor for any fees or fines imposed on the Contractor by NACHA for the Participant’s failure to comply with any NACHA rules.
NACHA. National Automated Clearing House Association. NACHA governs ACH, publishes ACH Rules, and changes them from time to time.