Posted April, 4 2018
Online voting for the winner of the NACHA Excellence in Payments Award now open; voting for NACHA Challenge Award will take place at PAYMENTS 2018 in San Diego
HERNDON, Va., April 4, 2018 – NACHA—The Electronic Payments Association® announces the finalists for the 2018 Payments Awards, which celebrate proven accomplishment and leadership in the payments industry and recognize and reward the payments innovations defining the future. The Payments Awards, for which NACHA received more than three dozen proposals for consideration from industry participants, include the NACHA Excellence in Payments Award and the NACHA Challenge Award.
“The NACHA Payments Awards are very competitive and each Award draws an excellent turnout of candidates every year,” said Jane Larimer, chief operating officer of NACHA. “We appreciate the participation from solution providers, financial institutions, and industry strategic thinkers, all of whom have found innovative ways to further advance electronic payments. It is our honor to recognize the best of the best this year.”
The payments community will have an opportunity to help determine the winners of the 2018 Payments Awards through online and mobile app voting. Winners of the Awards will be announced on Tuesday, May 1, during the NACHA Payments Awards Luncheon, which is sponsored by TD Bank, during PAYMENTS 2018. The conference, which is the definitive destination for faster payments education, will take place April 29-May 2 in San Diego, California. Online registration for PAYMENTS is available here.
The NACHA Excellence in Payments Award
The NACHA Excellence in Payments Award honors an individual or organization that has shown superior leadership and accomplishment in the development, implementation or advancement of domestic or international electronic payments.
The finalists are:
- Fiserv is speeding the movement of money and eliminating strongholds of paper payments with the Digital Payments Software Development Kit (SDK) and Digital Disbursements, which facilitate easy, fast and safe business-to-business, consumer-to-business, and business-to-consumer payments.
- Mr. Steve Ledford has advised organizations on how best to manage their payments businesses and drive product innovation to benefit their customers for more than 30 years in leadership roles at Novantas, McKinsey, Global Concepts and The Clearing House. A noteworthy achievement is the development and launch of The Clearing House's RTP, its new real-time payments system.
- Paychex addresses the need for flexible reverse payroll options with Same Day ACH debit functionality through its direct deposit product that gives employers the ability to correct a payroll error on the same day.
- Mr. Reed Taussig has been at the helm of ThreatMetrix for a decade. As the company’s president, he has spearheaded significant technology advancements, as well as an array of thought leadership and community initiatives, such as launching ThreatMetrix ID, which changes the way organizations make fraud and authentication decisions in real time to accelerate secure payments.
The NACHA Challenge
The NACHA Challenge Award rewards a team or an individual for developing new ways to enable ACH usage for person-to-person, business-to-business, account-to-account, or other payments without users having to supply their bank routing number or account information. Finalists are competing to win up to $25,000 in prize money.
Finalist teams are:
Team Alacriti for its Tokenized DDA & Transaction Registry Using Blockchain Technology
- The Tokenized DDA & Transaction Registry is an interface allowing customers to create demand deposit account (DDA) tokens through their banking websites or mobile apps, and use them to make or receive ACH payments without disclosing the underlying account details. The DDA token system would be implemented as a shared network built using blockchain technology.
Team IBM for its Blockchain-Powered Real-Time Payments Participant Registry
- The Real-Time Payments Participant Registry would allow customers to own their tokens no matter where they decide to bank. An entity would create a record on the distributed ledger linking its token to its bank account (routing number and account number). But only the entity and its banks can see the account details, while only the token and routing number are public.
Team Redwood for its RCU Pay
- RCU Pay is a mobile-first solution that allows customers to send money to anyone in the U.S. via email or text. The solution is built on top of the existing ACH infrastructure, and includes a proprietary methodology for securely encrypting the payment message. Recipients then can route the funds via ACH to any U.S.-based financial institution.
Team Stockman for its Simple Account Access Code
- The Simple Account Access Code contains all the information account holders need to identify their account at their financial institution in a format they can remember and share with vendors, bill payment companies, and other consumers. The access code would include security features such as two-step authentication and biometrics, and emerging technologies such as real-time transfers and mobile payments for simplicity and convenience.
Visit payments.nacha.org to further explore what PAYMENTS has to offer this year in San Diego. The conference hashtag is #PAYMENTS2018.