Posted November 19, 2015
Designed to Help Financial Institutions and Other ACH Network Users Understand the Standard’s Implications for the Payments Industry
HERNDON, Va., Nov. 19, 2015 – As a leader in the U.S. movement to standardize payments using ISO 20022, NACHA—The Electronic Payments Association® announced today that it has launched a comprehensive resource center featuring programs, ACH integration tools and educational resources to better inform the U.S. payments industry. The ISO 20022 Resource Center is available on the nacha.org website.
ISO 20022 is the standard for financial service messaging used to describe business processes, such as payments, developed by the International Organization for Standardization, an international standard-setting body.
“Because supporting ISO 20022-enabled corporations is important for financial institutions, it is equally critical for NACHA to provide education and clarity for all ACH Network users on the benefits and implications of integration and conversion efforts,” said George Throckmorton, Managing Director of Network Development for NACHA. “The Resource Center is an important component to understanding the ISO 20022 standard’s implications for the payments industry.”
NACHA will continue to work with the payments industry to develop new content for the Resource Center, which also features a space to submit an ISO 20022-related question to NACHA experts.
“The U.S. ISO 20022 Stakeholder Group identified industry education as a critical step for the U.S. to move forward with ISO 20022 formats. NACHA’s Resource Center will be a valuable asset for the industry,” said Roy DeCicco, chair of the Accredited Standards Committee X9 Inc.’s Financial Standards Committee. The U.S. is a member and contributor to the International Organization for Standardization through the ASC X9.
Visit the ISO 20022 Resource Center at https://www.nacha.org/ISOresources.
NACHA — The Electronic Payments Association
Since 1974, NACHA – The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 12,000 financial institutions in the U.S. The Network, which moves money and information directly from one bank account to another, supports more than 90 percent of the total value of all electronic payments in the U.S. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments, recurring and one-time payments; government, consumer and business transactions; international payments, and payments plus payment-related information. Through NACHA’s expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.
Accredited Standards Committee X9 Inc.
X9 develops, maintains and promotes standards for the financial services industry to facilitate the delivery of financial products. It focuses on current and future standard needs of the financial services industry and participates in and grows the development of international standards. X9 is an independent non-profit corporation comprised of its Board, technical subcommittees and working groups. http://x9.org