Nacha News

Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

28 results

Why ACH Has a Place in the Future of Payments

May 20, 2019
ORLANDO, Fla.—Jane Larimer never tires of telling people “the ACH Network is thriving” and for good reason: “Because it is.” Even as new payment methods emerge, Larimer believes ACH will have a place at the table. “There’s room and opportunity for all payments,” Larimer, Nacha’s chief operating officer, told a Smarter. Faster. Payments 2019 session on the future of the ACH Network. 
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‘Fintechs Are from Mars, Financial Institutions Are from Venus’

May 20, 2019
ORLANDO, Fla.—JP Nicols believes it’s time to “get serious about innovation”—although his definition of innovation might differ from financial institutions’. “It’s not just ‘innovation theater,’” said Nicols, managing director of FinTech Forge. Nor is it “the fintech petting zoo.”
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ACH Will Remain Part of the ‘Backbone of U.S. Payment System’

May 15, 2019
ORLANDO, Fla.—ACH is, and will remain, a vital part of the nation’s payment system, a senior Federal Reserve official told a Nacha conference. “We still expect the ACH Network to continue to be part of the backbone of the U.S. payment system. At the Federal Reserve we are still committed to that,” said Nell Campbell-Drake, vice president of the Federal Reserve Bank of Atlanta.
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Is Your Company Due for a Digital Transformation?

May 15, 2019
ORLANDO, Fla.—“What would your company look like if you created it today?” Tom Goodwin asked that question to make a point.  “It’s much easier to build something from scratch than it is to destroy and change what you have,” said Goodwin, head of innovation at Zenith Media and author of “Digital Darwinism.” But in his keynote at Smarter. Faster. Payments 2019, he made clear that business as usual won’t cut it.
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The Corporate Experience: Making B2B as Easy as ABC

May 6, 2019
First our salary is direct deposited, then we pull out our smartphone to pay bills. Who still writes a check? But while electronic payments have largely taken over among consumers, those pieces of paper still hold their own when it comes to business-to-business (B2B) payments. Strange as that might seem in 2019 there are valid reasons. B2B involves a lot more than “give me your bank account and routing numbers and we’re set.” Company A has this way of billing and receiving payments while Company B uses another system. And don’t even ask about Company C.
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For OrthoBanc, Quality and Integrity Mean Being Nacha Certified

May 6, 2019
Braces aren’t inexpensive, therefore many orthodontists offer payment plans. But they’re in the smile business, not the payments industry. That’s why they turn to OrthoBanc. OrthoBanc doesn’t offer financing, but rather manages payment plans offered by orthodontists and dentists, as well as veterinarians and other medical practices.
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Call it EFT or ACH or EDI – But They’re Different and It Matters

April 29, 2019
What is the difference between EFT, ACH and EDI?  We here at Nacha often get asked this question from business financial teams - even from seasoned financial pros. The quick answer is that all ACH (Automated Clearing House) payments are EFTs (Electronic Funds Transfers), but not all EFT payments are ACH.  And EDI (Electronic Data Interchange) is not a payment. The longer explanation is that people are confused because different professions have different names for the same thing.
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How Being Nacha Certified Changed Bankers’ Minds

April 29, 2019
There are banks that look at Third-Party Senders and—right or wrong—have their doubts. Wayne Gonzales gets it.  In his experience, many Originating Depository Financial Institutions (ODFIs) “really aren’t interested in Third-Party Senders because of the additional compliance requirements. And they don’t know who the end customer is.” As Payment Data Systems’ senior vice president of risk management and compliance, Gonzales understood their point of view. He also set out to change it.
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How Same Day ACH Works for ‘The Forgotten Gig Economy’

April 2, 2019
You hear a lot about how the gig economy is perfect for Same Day ACH. And it is. But Jessica Koenig also keeps in mind what she calls “the forgotten gig economy.” “Before there was Uber and Lyft marketplace apps you had consumer direct sales firms with independent sales reps and owner-operator truck drivers. There are plenty of other use cases with independent contractors or sole proprietors that need to get paid, but don’t fit into this app and marketplace phenomenon,” said Koenig, founder and chief product officer at KyckGlobal.
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Taking Risks to Make a Career: Life Lessons from Successful Women in Payments

February 13, 2019
It’s a common phrase in the payments industry, but how often do you hear “risk management” used in reference to life?  Maybe not often enough.  At the recent Women in Payments USA 2019 Symposium I was honored to be part of a panel on “Navigating a Successful Career as a Woman in Payment/Fintech.” It quickly became clear that there’s nothing wrong with navigating into unchartered waters—if you’re willing to take risks. I have long believed that if you want to do something daring you have to be open to continuous learning, adaptable to change, and be willing to feel uncomfortable for a time.
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Becoming Nacha Certified: Easier You Think

February 7, 2019
At 36 pages, the criteria for becoming a Nacha Certified Third-Party Sender “is a little daunting when you first look at it.” That’s what Becky Wagner thought—though she’s quick to add that Nacha helped at every step of the way.  Wagner is a senior compliance analyst at Paychex, which became Nacha Certified in April 2018.
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