Posted January, 19 2016
Teams challenged to develop innovative ways to improve ACH end-user experience for up to $25,000 in prize money
HERNDON, Va., Jan. 19, 2016 – NACHA—The Electronic Payments Association® announced today that it has launched the NACHA Challenge, a team competition to foster new ways to improve the ACH end-user experience by filling market gaps or removing friction points. The NACHA Challenge is open to innovators, thinkers and practitioners from any entity, including corporates, academic institutions, nonprofits, think tanks, financial institutions, solution providers and others.
Teams will compete for a $15,000 Judges’ Choice and a $10,000 Audience Choice prize. Finalists will be invited to present at the PAYMENTS 2016 conference taking place April 17-20 in Phoenix, Arizona, where the prize winners will be announced.
PAYMENTS 2016 is the premier educational event for the payments industry. Financial institutions of all types and sizes, solution providers who are changing the market, corporate decision makers and government end-user customer organizations gather annually at the conference to network, learn how to improve their bottom line and increase their competitiveness to move the payments industry forward. Registration is now open.
“New technologies and business processes, and evolving customer behavior and expectations are transforming the payments industry,” said Scott M. Lang, AAP, senior vice president, Association Services at NACHA. “Thus, we are challenging the marketplace to propose new approaches and solutions that could further improve the ACH end-user experience and enable even more consumers, businesses and governments to use and benefit from ACH payments.”
During the competition, teams will identify a gap or friction point, describe the solution/approach to address it, and indicate who will benefit and how. Teams are encouraged to think big and creatively. Submission topics are not limited other than they should have direct relevance in whole or in part to the use of ACH.
All submissions must be received by NACHA at email@example.com by 3 p.m. ET on Friday, March 25, 2016.
Three finalist teams will be invited to present their proposals to a panel of judges at PAYMENTS 2016 for the Judges’ Choice prize. In addition, audience members at the 2016 NACHA Payments System Awards Luncheon, sponsored by TD Bank, N.A. will have the opportunity to cast their votes via the PAYMENTS 2016 Mobile App, sponsored by Transactis.
Recipients of the Judges’ Choice and Audience Choice prizes will be announced at the end of the Awards Luncheon, which recognizes outstanding innovative achievements in the payments industry.
For more information about the NACHA Challenge and to access the submission guidelines, visit payments.nacha.org/NACHA-challenge. Answers to frequently asked questions also are available.
About PAYMENTS 2016
PAYMENTS 2016, which is taking place April 17-20 at the Phoenix Convention Center in Arizona, is a proven, well-respected, and powerful event that provides attendees with the latest research, industry pilot results, insights, trends and forecasts to support and drive payments innovation. Information is delivered through interactive educational sessions and workshops with renowned speakers from financial institutions, corporations, government agencies, legal and regulatory bodies, consulting and research firms, service providers and more. Content is organized along six newly identified tracks— ACH: Now & Next; Surety: Rules, Regs & Risk; Impact: Trends & Technology; Strategy: Plan & Position; Experiences: Corporate & Consumer; and Buzz: Disrupt & Debate – to address the topics of today that are impacting the payments space. In addition, a dynamic Exhibit Hall of industry leaders features top products and services shaping the future of payments. Registration is now open. To learn more about PAYMENTS 2016, visit payments.nacha.org.
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.