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.

37 results

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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Nacha to NCVHS: Soothe ‘Pain Points’ in Healthcare EFT

December 12, 2018
The healthcare industry has been quickly moving to electronic claim payments in recent years, but there are still significant “pain points” that need to be addressed, a senior Nacha official told a federal advisory panel. Since the Nacha “CCD+Addenda” was designated as the healthcare EFT standard in January 2012 its adoption has been “robust,” said Michael Herd, Nacha senior vice president, ACH Network Administration. “Measured by the number of payments, its use has more than doubled since 2014,” the first full year of use after the effective date, Herd said in written comments to the Nation
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A Long Way for a Lot of Learning

November 1, 2018
Sometimes you can find answers around the corner. Other times, you have to fly 20 hours. For Leticia Mentz, it was the latter. Mentz is with the Payments Association of South Africa, or PASA, where she looks after industry capacity building and communication. She recently came from Johannesburg to spend a week visiting Nacha headquarters, where staffers shared their expertise.
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