From the March-20, 2002 issue of Credit Union Times Magazine • Subscribe!
NACHA E-Check rules now in effect
<p>HERNDON, Va. - New NACHA Operating Rules, known as the Accounts Receivable (ARC) application, went into effect on March 15. The new rules allow checks delivered to remittance and lockbox locations to be converted into e-checks using ACH. "With billions of checks sent to accounts receivable locations every year, the use of e-checks can substantially reduce payment processing costs," said Elliott C. McEntee, President and CEO of NACHA. A new publication, entitled Guide to Implementing an Accounts Receivable Entry Program, is being issued to assist billers and financial institutions in implementing an accounts receivable conversion program. The publication will become available at NACHA's PAYMENTS 2002 conference, April 14-17, 2002 in Dallas, Texas, and can also be pre-ordered from NACHA at firstname.lastname@example.org or (800) 487-9180.</p>