Elevation, Nacha’s consulting group, to write custom rules for Traxpay’s innovative platform
HERNDON, Va., April 24, 2017 – Nacha—The Electronic Payments Association® announced today that it has been selected by Traxpay, a Frankfurt-based fintech company, to create rules for its business-to-business (B2B) payments and financing platform. Elevation, Nacha’s consultative services group, will be developing the set of custom rules to govern how electronic transactions will be handled on the platform, defining a standard for Traxpay banks and their users.
“Elevation is tailor-made for this exciting opportunity with Traxpay,” said Janet O. Estep, president and CEO of Nacha. “Supporting implementation of its enhanced B2B platform through custom rule writing will create a host of new opportunities for Traxpay. We believe that this platform provides great benefit for U.S. banks and their corporate customers. Innovation and digitalization in B2B has been lagging, but new solutions like these are helping to propel the industry forward.”
“A custom rule set ensures a common standard for our users,” said Markus Rupprecht, founder and CEO of Traxpay AG. “Nacha is a recognized industry leader, and has a history of rule writing for a variety of different payment types and needs. We chose Nacha’s Elevation consulting team to write the custom rule set for our B2B financial transactions platform because no one is better qualified to do so.”
Elevation works with a broad range of organizations – from startups to established entities – to help them understand how payments can work for them. Through its services, Elevation helps organizations operate more efficiently and capture real savings through the smart integration and optimization of electronic payments. Services include, but are not limited to, payments strategy, rule writing, custom ACH education and enablement.
For more information about Elevation and its services, visit elevationconsulting.org.
About Nacha–The Electronic Payments Association
Since 1974, Nacha has served as the steward of the ACH Network, managing the development, administration and rules for the payment network that universally connects all financial institutions in the U.S by moving money and information directly from one bank account to another. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, Nacha facilitates the expansion and diversification of electronic payments. 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.
Elevation is the industry leader in consulting services that enable banks and businesses of all sizes to implement smart electronic payments strategies. With its roots in Nacha, the premier electronic payments association that administers the ACH Network and represents more than 11,000 financial institutions, Elevation has deep expertise in every aspect of electronic payments. And as an independent advisor, it has earned the trust of its clients to provide a range of consulting services that result in business efficiencies and cost savings. Visit elevationconsulting.org for more information.
Founded in 2009, Traxpay is a pioneer in the B2B FinTech space. Traxpay’s award-winning and patent-pending Software-as-a-Service platform helps banks and B2B networks generate untapped revenue by offering innovative payments and supply chain financing products to their corporate customers. The solution connects corporate ERP systems with each other and with banks’ backend systems. This connection unlocks data and business process optimization to enable significantly more flexible and efficient payments processing, factoring, reverse factoring, and dynamic discounting. All Traxpay solutions can be optionally connected to and processed via the blockchain offering banks dedicated blockchain product use cases.
The company is privately held, headquartered in Frankfurt, Germany, and led by senior industry experts with experience in banking and payments. For more information, visit Traxpay online or follow us on Twitter @traxpay.