Posted June 7, 2016HERNDON, Va., June 8, 2016 – Today, NACHA — The Electronic Payments Association® is bringing its Government Relations Advisory Group (GRAG) into Washington, D.C., for its annual Capitol Hill Day. Each year, members of GRAG, which include leaders from large and small financial institutions and Regional Payments Associations across the country, meet with Congressional representatives and staff to continue education on the ACH Network, ACH payments and the NACHA Operating Rules.
Originally created in the early 1970s to replace paper checks for payroll, the ACH Network has continuously evolved and today transfers more than 24 billion Direct Deposit and Direct Payment transactions annually, totaling more than $41 trillion. It supports credit and debit transactions; recurring and one-time payments; international payments; payments plus payment-related information; and consumer, business-to-business and government transactions. Today, the vast majority of Federal payments and collections are made via ACH, with more than 98 percent of Social Security beneficiaries receiving payments electronically.
While today, the ACH Network is largely a next-day settlement payments system, beginning in September, ACH transactions will be able to settle same day. Same Day ACH creates two additional settlement windows on the ACH Network, allowing for the movement of funds three times each day instead of once a day.
“Same Day ACH provides an immediate opportunity for those who want to move their money faster to do so,” said Bill Sullivan, Senior Director and Group Manager, Government and Industry Relations, NACHA. “Through advancements like this, the ACH Network has grown into a robust, flexible and versatile system that has facilitated the continued adoption and growth of electronic payments and information. We are excited to be able to meet with members of Congress during Hill Day to share news and information about Network developments, such as Same Day ACH, and our vision for ensuring the Network’s continued evolution.”
For more information about NACHA’s Government Relations Advisory Group, visit https://www.nacha.org/ach-network/relations/government. An electronic Capitol Hill packet is available for download that features an update on faster payments in the United States, an infographic on ACH Network volume, and a second infographic on how the ACH Network powers the nation’s payments. For more information about NACHA, the ACH Network and current priorities, visit https://www.nacha.org.
About NACHA’s Government Relations Advisory Group
NACHA’s Government Relations Advisory Group (GRAG) consists of representatives from NACHA's member Direct Financial Institutions, Regional Payments Associations, and Industry Councils. GRAG's objective is to promote use of the ACH Network and to protect the interests of Network participants. Advisory group members review and contribute to NACHA's overall public policy development; advise on policy priorities; and assist in NACHA position development on specific payments system issues, including testimony and requests for comment by government agencies on proposed rules. For more information, visit https://www.nacha.org/ach-network/relations/government.