Posted May 20, 2015
HERNDON, Va., May 21, 2015 – NACHA—The Electronic Payments Association® today announced that Congressman Gerald E. “Gerry” Connolly of Virginia submitted a proclamation into the Congressional Record recognizing the financial services industry for its work to move payments faster with Same Day ACH.
“We appreciate Congressman Connolly for officially recognizing how the financial services industry has come together to increase the speed of payments with Same Day ACH,” said Bill Sullivan, NACHA’s Senior Director and Group Manager, Government and Industry Relations. “The Rule enables a ubiquitous same-day capability for virtually any ACH transaction, creating options for end users who need to quickly pay bills and receive funds faster.”
In signing the proclamation, Connolly “commend(s) NACHA’s commitment to enhancing the versatility and improving the strength of the ACH Network for consumers, governments, businesses and financial institutions that rely on the Network to move their money via ACH.”
Additionally, the proclamation designates May as Direct Deposit and Direct Payment via ACH Month, which seeks to raise awareness of the benefits of electronic payment options. Each year, the ACH Network processes nearly 23 billion transactions totaling more than $40 trillion.
The proclamation comes during NACHA’s Annual Capitol Hill Day, when members of its Government Relations Advisory Group (GRAG) meet with Congressional representatives and staff to continue their education about the ACH Network, the value of private-sector rulemaking, NACHA’s role in governing the Network, and the industry’s recent approval of Same Day ACH, which is an amendment to the NACHA Operating Rules to move payments faster.
“GRAG members are leaders from large and small financial institutions and Regional Payments Associations from across the country who value the opportunity this Capitol Hill outreach offers to discuss important issues related to the ACH Network,” Sullivan said.
More information about the Same Day ACH Rule is available at www.nacha.org/same-day-ach.
For more information about electronic payment options such as Direct Deposit via ACH or Direct Payment via ACH, visit www.electronicpayments.org.