February 2, 2004
HERNDON, Va., Feb. 2 -- In a remarkable example of the country's movement to electronic payments, Wells Fargo Home Mortgage will process nearly 88 percent of its customers' payments electronically in the first quarter of 2004, compared with 81 percent by paper in the first quarter of 2000. In recognition of its accomplishment, Wells Fargo Home Mortgage will receive Nacha's 2004 George Mitchell Payments System Excellence Award. The award presentation will take place at Nacha's PAYMENTS 2004 conference in Seattle, Washington on March 22.
August 5, 2003
On March 15, 2002 Nacha Operating Rules became effective for Accounts Receivable Entries (ARC). Under the ARC rules, a consumer check remitted to an accounts receivable location, such as a lockbox or dropbox, can be converted into an ACH debit when prior notice has been provided to the consumer. The ARC application is used for consumer bill payments.
April 28, 2003
ORLANDO, Fla. -- Nacha - The Electronic Payments Association has selected JPMorgan Chase ACH, Wells Fargo, and TeleCheck as winners of the 2003 Kevin O'Brien ACH Quality Award in recognition of their successes in implementing quality Automated Clearing House (ACH) processes.
April 28, 2003
ORLANDO, Fla., April 28 -- Nacha - The Electronic Payments Association presented the 2003 George Mitchell Payments System Excellence Award today at its PAYMENTS 2003 conference to Cisco Systems, Inc. of San Jose, California. Cisco Systems was recognized for its achievement of paying 96 percent of its employees by Direct Deposit.
March 28, 2003
On a regular basis, Nacha receives questions from ACH participants concerning an ODFI’s potential liability for a breach of its warranties under the Nacha Operating Rules. Specifically, the question relates to whether an ODFI’s liability for a breach of its warranty that an ACH entry is authorized is limited to the period of time in which an RDFI has the right to return the entry through the ACH Network (i.e., sixty days after the settlement date of the entry for consumer transactions and two days after the settlement date of the entry for non-consumer transactions) or whether this
September 19, 2002
Nacha has recently become aware of an increasing number of fraudulent transactions being made over the ACH Network using the Telephone-Initiated Entry (TEL) application. The TEL application became effective in September 2001 as a means to provide a more streamlined method by which consumers could authorize one-time ACH debit entries. This Operations Bulletin is intended to identify specific risk management concerns related to the origination of TEL entries and to clarify key rules obligations with respect to proper authorization and use of the TEL application. ODFIs are strongly encouraged
April 22, 2002
Nacha – The Electronic Payments Association has selected Capital One Financial Corporation, Tower Federal Credit Union, and Wells Fargo & Company as winners of the 2002 ACH Quality Award in recognition of their successes in implementing quality Automated Clearing House processes.
April 15, 2002
DALLAS, April 15 -- Nacha - The Electronic Payments Association will present the 2002 George Mitchell Payments System Excellence Award today at its PAYMENTS 2002 conference to ADT Security Services, Inc. and TexasOnline. "Electronic payments are reliable, convenient, and cost-effective," said Elliott C. McEntee, President and Chief Executive Officer of Nacha. "Nacha congratulates the winners of this year's George Mitchell Payments System Excellence Award for their success and commitment to electronic payment solutions."
April 24, 2001
WASHINGTON, April 24 -- Nacha - The Electronic Payments Association will present the 2001 George Mitchell Payment Systems Excellence Award today to the U.S. Department of Treasury and the Direct Payment Joint Promotion Program of Cleveland, Ohio. The Department of Treasury is being recognized for its success in converting Federal payments and receipts to electronic payments. The Direct Payment Joint Promotion Program is being recognized for its success in enrolling consumers to pay their utility bills electronically via Direct Payment.
April 11, 2000
LOS ANGELES, April 11 -- The U.S. Department of Housing and Urban Development and Paychex, Inc. (Nasdaq: PAYX), a national provider of payroll processing, human resources and benefits outsourcing for small- and medium-sized businesses, will each receive the 2000 George Mitchell Payment Systems Excellence Award today from Nacha -- The Electronic Payments Association.