Fears about system-wide computer crashes run rampant in the months leading to the year 2000. NACHA joins other industry organizations in preparing for Y2K and distributing readiness materials, one of which assures the public that “the Federal Reserve has plans to ensure there will be sufficient cash available for consumers.”
NACHA’s Board of Directors approves adoption of a representative Board and opens direct membership to additional financial institutions.
NACHA implements rules regarding Point-of-Purchase Entries (POP) transactions (SEC Code approved in 1999) and Re-presented Check Entries (RCK) transactions (SEC Code approved in 1998).
NACHA’s Vision 2000 rolls out. A far-reaching strategy initiative three years in the making, it works in tandem with ideas presented in the Federal Reserve Bank’s Rivlin Study to speed the transition from a paper-based system to an electronic system. (The study was named for Alice Rivlin, then Vice Chair of the Fed.)
Products and services launched as a part of Vision 2000 help to stimulate record five-year growth for the ACH Network.
Recognizing the growing dominance of digital transactions, NACHA approves e-sign for ACH debits, opens an application for paper check conversion, and makes the Rules available online.
Federal Reserve Bank Chairman Alan Greenspan speaks at PAYMENTS, highlighting the conference’s ability to attract cutting-edge keynoters.
NACHA presents its first Kevin O’Brien ACH Quality Award, named in honor of the late Kevin O’Brien, NACHA’s 1999-2000 Board Chair. Winners are FFCA, WellPoint, ADP, and Mellon.
NACHA implements rules regarding ACH payments via phone, Telephone-Initiated (TEL) Entries, and ACH payments initiated over the Internet, Internet-Initiated (WEB) Entries. (Both SEC Codes were approved in 2000.)
NACHA implements rule regarding Accounts Receivable (ARC) Entries. (SEC Code approved in 2001.)
NACHA creates the Corporate Payments Council to promote business-to-business electronic payments.
As the global economy becomes reality, NACHA adopts initial rules for international ACH payments.
ACH formats and rules for cross-border payments will undergo continuous review by the U.S. Office of Foreign Assets Control (OFAC) and the Financial Action Task Force (FATF), eventually resulting in the 2009 implementation of International ACH Transaction (IAT) rules.
When Scott Lang joined NACHA, he plunged into council management — a baptism by fire