Blog Posts

Learn more about Nacha and the payments industry in our monthly distribution of blog posts. Also included in the email are our recent podcasts.

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May 20, 2019
ORLANDO, Fla.—Jane Larimer never tires of telling people “the ACH Network is thriving” and for good reason: “Because it is.” Even as new payment methods emerge, Larimer believes ACH will have a place at the table. “There’s room and opportunity for all payments,” Larimer, Nacha’s chief operating officer, told a Smarter. Faster. Payments 2019 session on the future of the ACH Network. 
May 20, 2019
ORLANDO, Fla.—JP Nicols believes it’s time to “get serious about innovation”—although his definition of innovation might differ from financial institutions’. “It’s not just ‘innovation theater,’” said Nicols, managing director of FinTech Forge. Nor is it “the fintech petting zoo.”
May 15, 2019
ORLANDO, Fla.—ACH is, and will remain, a vital part of the nation’s payment system, a senior Federal Reserve official told a Nacha conference. “We still expect the ACH Network to continue to be part of the backbone of the U.S. payment system. At the Federal Reserve we are still committed to that,” said Nell Campbell-Drake, vice president of the Federal Reserve Bank of Atlanta.
May 15, 2019
ORLANDO, Fla.—“What would your company look like if you created it today?” Tom Goodwin asked that question to make a point.  “It’s much easier to build something from scratch than it is to destroy and change what you have,” said Goodwin, head of innovation at Zenith Media and author of “Digital Darwinism.” But in his keynote at Smarter. Faster. Payments 2019, he made clear that business as usual won’t cut it. And he suggested it might be time for a “digital transformation.”
April 29, 2019
There are banks that look at Third-Party Senders and—right or wrong—have their doubts. Wayne Gonzales gets it.  In his experience, many Originating Depository Financial Institutions (ODFIs) “really aren’t interested in Third-Party Senders because of the additional compliance requirements. And they don’t know who the end customer is.” As Payment Data Systems’ senior vice president of risk management and compliance, Gonzales understood their point of view. He also set out to change it. The method he used: becoming Nacha Certified.
April 2, 2019
You hear a lot about how the gig economy is perfect for Same Day ACH. And it is. But Jessica Koenig also keeps in mind what she calls “the forgotten gig economy.” “Before there was Uber and Lyft marketplace apps you had consumer direct sales firms with independent sales reps and owner-operator truck drivers. There are plenty of other use cases with independent contractors or sole proprietors that need to get paid, but don’t fit into this app and marketplace phenomenon,” said Koenig, founder and chief product officer at KyckGlobal.  
February 7, 2019
At 36 pages, the criteria for becoming a Nacha Certified Third-Party Sender “is a little daunting when you first look at it.” That’s what Becky Wagner thought—though she’s quick to add that Nacha helped at every step of the way.  Wagner is a senior compliance analyst at Paychex, which became Nacha Certified in April 2018. Rochester, New York-based Paychex serves some 650,000 payroll clients, and pays one out of every 12 private sector workers in the U.S.  Paychex had been looking into Nacha certification, but wasn’t sure if it was the right time.
January 30, 2019
After a day of filling cavities and fitting crowns, your dentist is entitled to be paid, and the easiest way is to make the entire claims process electronic. But with so many dental practices being fairly small, they could sure use a hand. Financial institutions of all sizes should be at the ready to lend that hand.
January 24, 2019
Payments fraud “remains rare” in the U.S., with ACH payments having the lowest fraud rate by value, a new Federal Reserve study found. “Changes in U.S. Payments Fraud from 2012 to 2016: Evidence from the Federal Reserve Payments Study,” released late in 2018, surveyed depository institutions, collecting data for 2012 and 2015.  It found that payments fraud “represents only a fraction of 1 percent of the total value or number of payments.” And where ACH is concerned, the Fed reported that “the fraud rate, by value, for ACH payments was low and stable.” 
December 12, 2018
The healthcare industry has been quickly moving to electronic claim payments in recent years, but there are still significant “pain points” that need to be addressed, a senior Nacha official told a federal advisory panel. Since the Nacha “CCD+Addenda” was designated as the healthcare EFT standard in January 2012 its adoption has been “robust,” said Michael Herd, Nacha senior vice president, ACH Network Administration.
November 1, 2018
Sometimes you can find answers around the corner. Other times, you have to fly 20 hours. For Leticia Mentz, it was the latter. Mentz is with the Payments Association of South Africa, or PASA, where she looks after industry capacity building and communication. She recently came from Johannesburg to spend a week visiting Nacha headquarters, where staffers shared their expertise. She described the United States and South Africa as “different countries with the same issues” and called Nacha “a like-minded organization” to PASA.
October 26, 2018
Here at Nacha Elevation Consulting, we’re ready to help you navigate the challenges associated with receiving and applying remittance data from electronic payments. Our team can help you develop the strategies and processes you’ll need to fully capitalize on faster payments. That’s why when we read Ernie Martin at ReceivableSavvy’s list of five challenges companies face when dealing with remittance data from electronic payments, we knew we had to share!