We are excited to be able to meet with members of Congress during Hill Day to share news and information about Network developments, such as Same Day ACH, and our vision for ensuring the Network’s continued evolution.
HERNDON, Va. (PRWEB) June 08, 2016
The Electronic Payments Association® is bringing its Government Relations Advisory Group (GRAG) into Washington, D.C., for its annual Capitol Hill Day. Each year, members of GRAG, which include leaders from large and small financial institutions and Regional Payments Associations across the country, meet with Congressional representatives and staff to continue education on the ACH Network, ACH payments and the NACHA Operating Rules.
Originally created in the early 1970s to replace paper checks for payroll, the ACH Network has continuously evolved and today transfers more than 24 billion Direct Deposit and Direct Payment transactions annually, totaling more than $41 trillion. It supports credit and debit transactions; recurring and one-time payments; international payments; payments plus payment-related information; and consumer, business-to-business and government transactions. Today, the vast majority of Federal payments and collections are made via ACH, with more than 98 percent of Social Security beneficiaries receiving payments electronically.
While today, the ACH Network is largely a next-day settlement payments system, beginning in September, ACH transactions will be able to settle same day. Same Day ACH creates two additional settlement windows on the ACH Network, allowing for the movement of funds three times each day instead of once a day.
“Same Day ACH provides an immediate opportunity for those who want to move their money faster to do so,” said Bill Sullivan, Senior Director and Group Manager, Government and Industry Relations, NACHA. “Through advancements like this, the ACH Network has grown into a robust, flexible and versatile system that has facilitated the continued adoption and growth of electronic payments and information. We are excited to be able to meet with members of Congress during Hill Day to share news and information about Network developments, such as Same Day ACH, and our vision for ensuring the Network’s continued evolution.”
For more information about NACHA’s Government Relations Advisory Group, visit https://www.nacha.org/ach-network/relations/government. An electronic Capitol Hill packet is available for download that features an update on faster payments in the United States, an infographic on ACH Network volume, and a second infographic on how the ACH Network powers the nation’s payments. For more information about NACHA, the ACH Network and current priorities, visit https://www.nacha.org.
About NACHA’s Government Relations Advisory Group
NACHA’s Government Relations Advisory Group (GRAG) consists of representatives from NACHA's member Direct Financial Institutions, Regional Payments Associations, and Industry Councils. GRAG's objective is to promote use of the ACH Network and to protect the interests of Network participants. Advisory group members review and contribute to NACHA's overall public policy development; advise on policy priorities; and assist in NACHA position development on specific payments system issues, including testimony and requests for comment by government agencies on proposed rules. For more information, visit https://www.nacha.org/ach-network/relations/government.
About NACHA — The Electronic Payments Association
Since 1974, NACHA – The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 12,000 financial institutions in the U.S. The Network moves money and information directly from one bank account to another. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments, recurring and one-time payments; government, consumer and business transactions; international payments, and payments plus payment-related information. Through NACHA’s expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.