April 17, 2020
A couple weeks ago, I wrote to inform you that the ACH Network was ready to handle the federal government’s Economic Impact Payments. This has proven to be true, as our ACH Operators and banks and credit unions of all types and sizes have delivered the initial round of 81 million Direct Deposits, totaling perhaps $150 billion or more, to American families on time on April 15, as instructed by the government.
April 14, 2020
In light of the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued a policy statement announcing the Bureau’s current flexible approach to its supervision and enforcement regarding certain requirements for remittance transfers. The intent is to allow insured institutions to continue focusing on their customers’ immediate needs for uninterrupted remittance transfer service during the crisis and to limit the pandemic’s impact on the remittances market.
April 14, 2020
Business Email Compromise was where “the majority of payments fraud attempts/attacks” originated last year, a new report found. More than 60% of treasury and financial professionals surveyed for the “2020 Payments Fraud and Control Survey Report” said BEC was the source. The report, released April 7 by the Association for Financial Professionals, also found that while three-quarters of companies were impacted by BEC, that’s down from the record 80% in 2018, and the lowest level since 2016. Still, AFP cautioned against letting your guard down.
April 10, 2020
April 8, 2020
HERNDON, Va., April 9, 2020 – The ACH Network opened 2020 with a strong first quarter, as the number of payments rose 7.1% from a year earlier. The results were driven primarily through robust growth occurring prior to the slowdown of economic activity due to COVID-19. “While ACH results for the entire first quarter are positive, the current coronavirus national emergency is already impacting payment system volumes, including the ACH,” said Jane Larimer, Nacha President and CEO.
April 8, 2020
HERNDON, Va., April 9, 2020 – The Nacha Top 50 rankings of financial institution originators and receivers of ACH payments for 2019 are now available. Among originating financial institutions, the Top 50 handled ACH volume of nearly 21.3 billion payments last year, up 8.1% from 2018. They accounted for 92.3% of the ACH Network’s total commercial payments volume.
April 7, 2020
BlueSnap is now a Nacha Preferred Partner for Digital Commerce and Business-to-Business Payments. In becoming a Preferred Partner, BlueSnap joins a select group of innovators that Nacha recognizes for offering products and services that increase or enhance the use of secure ACH payments, information and messaging by financial institutions and end-user entities.
April 6, 2020
Unprecedented is a good word to describe what we’ve been living through in recent weeks. The challenges facing Americans are unlike anything in recent memory. For so many who find themselves in financial trouble, federal stimulus money can’t come fast enough. As stewards of the modern ACH Network, Nacha wants you know that the ACH Network is ready to get that money into the bank accounts of the people who need it. It’s a lot of money that the government will be sending out. And the ACH Network has the proven abilities the situation requires.
April 2, 2020
Businesses that originate pre-authorized ACH debits for services that have been interrupted may face an elevated risk of returns. This could be due to consumers who: 1) lack funds (i.e., NSF); 2) place stop payment orders with their own banks or credit unions; or 3) make claims that debits are unauthorized because they can no longer access the service or have otherwise cancelled service. A health club or gym membership is one example of this.
March 30, 2020
Back around Valentine’s Day, hardly anyone had heard of “social distancing,” and even fewer expected to be told to stay home until further notice. But by St. Patrick’s Day, that was the norm, and it’ll likely continue for a while. The point here is that sometimes things you never expect to happen, happen. And while the coronavirus is an extreme case, stuff happens every day. Like needing someone at another financial institution to answer a question. That comes up even when working remotely, as so many of us are doing.
March 27, 2020
The Nacha Rules require an RDFI to accept a consumer’s Written Statement of Unauthorized Debit (WSUD), and also require that the WSUD be signed or similarly authenticated. In light of the current need for many RDFIs to reduce on-site staffing levels, and the physical distancing requirements that currently apply to many people, Nacha will not enforce the signature/similar authentication requirement until further notice.
March 26, 2020
Nacha recently made a significant rule change to further enhance Same Day ACH, its own faster payments solution. Now, the per-payment dollar limit for same-day payments is now $100,000, up from $25,000.