The Alliance’s Project Teams continue to play a crucial role in providing thought leadership on topics impacting the payments space and financial services
HERNDON, Va., Sept. 17, 2020 – In its continued efforts to shape the future of the payments industry and to develop thought leadership relevant to financial services, Nacha’s Payments Innovation Alliance released two new resources specific to voice payments and cybersecurity.
The Alliance, a membership organization, brings together diverse, global stakeholders – including financial institutions, solution providers, corporates, and more – to support payments innovation. Through various active Project Teams, the Alliance collaborates to create tools designed to influence existing and emerging payment trends, drive change, and remove barriers.
The new resources include “Voice Payments: An Introduction and Overview,” developed by the Alliance’s Conversational Payments Project Team as the first in a series of executive briefings. The briefings are designed to deliver targeted, clear and concise information focused on the still-emerging channel known as conversational payments, as well as its enabling technology, such as voice assistants and smart speakers.
The second resource, “COVID-19 Best Fraud Prevention and Cybersecurity Practices,” was developed by the Cybersecurity Response Project Team as a top 10 list of best practices to help organizations protect themselves against evolving pandemic-related cyberthreats.
“Project Teams are the heart of the Alliance. We are pleased to bring together diverse industry experts to create tangible tools to help financial institutions and business end users alike,” said Jane Larimer, Nacha President and CEO. “With its broad understanding of payments, the Alliance is the ideal industry environment for members to be both thoughtful and inclusive as we look to develop resources that can serve the entire financial services ecosystem.”
Other active Alliance Project Team initiatives include:
- Faster Payments Playbook is an educational and decisioning platform to help banks, credit unions and businesses develop a faster payments strategy – from concept to reality. The Project Team, in conjunction with the U.S. Faster Payments Council, previously produced a Playbook for financial institutions and is currently developing a new Playbook tool for corporates.
- ACH Quick Start Tool is an interactive online resource to help businesses understand how they can use the ACH Network to enable B2B payments. The Project Team is currently developing a new tool that will help small and medium-sized businesses more readily understand how they can use the ACH Network to make and receive B2C payments for a variety of use cases.
- ACH for Developers Guide is an online resource being created to assist developers who need to code to the Nacha Operating Rules and Guidelines format, but are not Rules experts. The tool, currently under development, will include file formats, scenarios for using specific data elements, and information on where to find additional details in the Rules.
To learn more about current Alliance efforts, download the Meeting Summary Report from its recent Virtual Pop-Up Meeting. Payments industry professionals from the Alliance’s member organizations gathered online to discuss how payments of all varieties (electronic, contactless, Same Day, instant and more) have fared during the COVID-19 pandemic. A video about the value of Alliance membership is also available.
About Nacha’s Payments Innovation Alliance
The Payments Innovation Alliance is a 200-plus membership organization that brings together diverse, global stakeholders to support payments innovation. Through collaboration, discussion, debate, education, networking and special projects, the Alliance seeks 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 www.nacha.org/payments-innovation-alliance.
Nacha is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable ACH payments and financial data exchange within the U.S. and across geographies. Through the development of rules, standards, governance, education, advocacy, and in support of innovation, Nacha’s efforts benefit all stakeholders. Nacha is the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2019, 24.7 billion payments and nearly $56 trillion in value moved across the ACH Network. Nacha also leads groups focused on API standardization and B2B payment enablement. Visit Nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.