ACH Quick Start, ISO 20022 and Cybersecurity Initiatives Also Launched
HERNDON, Va., Aug. 22, 2018 – Nacha—The Electronic Payments Association®’s Payments Innovation Alliance recently launched a Faster Payments Playbook project to provide tools for financial institutions and business end users seeking better understanding and clarity on faster payments as they look to develop their faster payments strategy. The group is comprised of nearly 60 volunteers representing a diverse set of participants including financial institutions, technology providers, associations, networks and businesses. The group will develop playbooks that will serve as living resources to help organizations understand the capabilities and attributes of all faster payments solutions, make decisions appropriate to their customer bases and business needs, and develop go-forward strategies.
“We are pleased to bring together diverse industry experts to create tangible tools to help financial institutions and end users alike better understand the faster payments options that are available and develop strategies for adoption for their organizations,” said Nacha Senior Director & Group Manager, Government & Industry Relations Bill Sullivan. “The Faster Payments Playbook project is a prime example of how a diverse set of participants can collaborate through the Payments Innovation Alliance to move the market forward to benefit all.”
The project is comprised of various subgroups. The Financial Institution subgroup will create a playbook for banks and credit unions to help them better understand the faster payments options available to them, with guides as to how to make decisions based upon the services they plan to provide to various customer segments. The Corporate subgroup will focus on creating a playbook to help business, government and nonprofit clients — regardless of size — better understand available faster payments options and how they may meet their payment needs, with a follow-on focus on how these options support remittance information with a payment.
The initiative builds upon faster payments education developed and provided by Nacha and its Regional Payments Associations both collaboratively and through their respective educational offerings for more than two years. The group will also update the existing, “Introduction to Faster Payments in the U.S.”
The Faster Payments Playbook is one of several initiatives undertaken by the Payments Innovation Alliance. Three additional recently launched projects support enablement and usage, innovation, and continued security of payments. Comprised of volunteers from diverse payments ecosystem stakeholders, these teams are focused on developing tools to help the marketplace in three areas:
• ACH Quick Start Guide — develop interactive online tools and other resources to help small- and medium-sized businesses more readily understand and use ACH to make and receive payments for an array of use cases.
• ISO 20022 Toolkit — develop educational and other tools to help financial institutions and companies understand the capabilities, timelines and functionality of various ISO 20022 enhancements.
• Cybersecurity Response — develop and promote tools and resources to help organizations understand evolving threats, with questions and topics to address before, during and after a cyberattack.
The Payments Innovation Alliance is an open membership group comprised of nearly 200 diverse entities including fintechs, processors, networks, financial institutions, industry associations, corporates, governments, consultancies and others. Participation in any of the projects is open to employees of all member organizations. Work efforts are getting started in all project areas, with teams meeting virtually over the coming months.
The next in-person membership meeting will take place Oct. 10-12, 2018, in Washington, DC. New members are welcome to join the Alliance and get involved in any and all projects.
About the Payments Innovation Alliance
The Payments Innovation Alliance brings together diverse, global stakeholders to support payments innovation, collaboration, and results through discussion, debate, education, networking, and special projects to grow and advance payments and payments technology to better meet and serve the needs of the evolving industry. For more information and to learn how to join, visit allianceexchange.nacha.org.