May 4, 2019
MicroBilt is a new Nacha Preferred Partner for Bank Account Verification. Nacha Preferred Partners are a select group of innovators that contribute to Nacha’s strategic efforts in support of the payments ecosystem by removing friction, increasing ease, improving cash flow accessibility and efficiency, as well as supporting sound risk management and security for ACH payments.
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.
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.
April 26, 2019
The Consumer Financial Protection Bureau has issued a Request for Information (RFI) regarding potential regulatory changes to the current remittance Rule. The RFI seeks information on two specific areas of the rule.
April 23, 2019
HERNDON, Va., April 23, 2019 – Afinis Interoperability Standards, a new member-led organization supported by Nacha, announced its inaugural Board of Directors and Board Officers. The Board of 10 members and three officers will guide the strategic direction of the organization, which is advancing financial industry standards, including API standardization and other financial services standards, across the U.S.
April 15, 2019
Online voting for the winner of the Nacha Excellence in Payments Award now open; voting for the ACH Challenge Award will take place at PAYMENTS 2019 in Orlando HERNDON, Va., April 15, 2019 – Nacha announces the finalists for its 2019 Payments Awards, which celebrate proven accomplishment and leadership in the payments industry and recognize and reward the payments innovations defining the future.
April 10, 2019
Three new enhancements to Same Day ACH are coming. The first takes effect in just a matter of months—September 20, 2019, to be precise. To help with preparations, Nacha has created three new guidance sheets. Each is a two page PDF available for download. There are versions for Originating Depository Financial Intuitions (ODFIs), Receiving Depository Financial Intuitions (RDFIs), and Processors. You will also find them in our Same Day ACH Resource Center, which has a wealth of helpful information.
April 5, 2019
Federal regulators need to create consistent guidance on the standards for bank small-dollar loan offerings. FDIC Chair, Jelena McWilliams stated that banks have been unwilling to get involved in the small-dollar loan market is because the three main federal banking regulators, the FDIC, the Federal Reserve and the Office of the Comptroller of the Currency, all have different guidelines in place for such product offerings.
Government Affairs Updates
April 3, 2019
HERNDON, Va. — April 3, 2019 — Transactis is a new Nacha Preferred Partner for API Enablement of Electronic Bill Payments. Nacha Preferred Partners are a select group of innovators that contribute to Nacha’s strategic efforts in support of the payments ecosystem by removing friction, increasing ease, improving cash flow accessibility and efficiency, as well as supporting sound risk management and security for ACH payments.
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.
April 2, 2019
NACHA's Government Relations update provides insight on policy matters at the federal and state level that could impact the ACH Network. In this edition: House working towards cannabis banking relief; House and Senate introduce legislation to eliminate remotely created checks; and more.
April 2, 2019
There's more to the gig economy than just Uber drivers. Discover how KyckGlobal is using Same Day ACH to benefit what founder Jessica Koenig calls "the forgotten gig economy."