This is a great example of how Same Day ACH and applications on top of the ACH Network can serve customers of financial institutions across the U.S.
HERNDON, Va. (PRWEB) October 07, 2016
Today, NACHA —The Electronic Payments Association®, the trustee and rule maker of the ACH Network, recognized the work that the North American Banking Company and the Independent Community Bankers of America® have done to create efficient, innovative services for financial institutions and their customers across the country. NACHA has long advocated for and supported innovation on the ACH Network that leverages the value of the Network’s ubiquity and reach. The “All Payments App” that the North American Banking Company and the Independent Community Bankers of America revealed as part of the Federal Reserve Faster Payments Task Force proposal process demonstrates how innovation continues on the ACH Network.
The ACH Blueprint, created in 2012, defined long-term strategic goals of the ACH Network, including an architecture that allows financial institutions and software providers to create functionality on top of the Network supporting the needs of a variety of end users. It is with the strong foundation and ubiquity of the ACH Network, that organizations are able to then create innovative offerings that uniquely serve the needs of the industry. In this way, the “All Payments App” is a mobile payment messaging application that takes advantage of Same Day ACH credits with the ability to reach deposit accounts at all credit unions and banks. “This is a great example of how Same Day ACH and applications on top of the ACH Network can serve customers of financial institutions across the U.S.,” said Janet O. Estep, president and CEO of NACHA.
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. by moving money and information directly from one bank account to another. Financial institutions exchange 24 billion ACH payments valued at $41 trillion annually. 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.