We are excited to meet with members of Congress to discuss efforts such as API standardization, which can be transformative for the financial services industry, and Same Day ACH, which has already had a significant impact.
HERNDON, Va. (PRWEB) June 06, 2017
On Thursday, June 8, NACHA—The Electronic Payments Association’s Government Relations Advisory Group (GRAG) will convene in Washington, D.C., for its fourth annual Capitol Hill Day. Each year, members of GRAG, which includes leaders from large and small financial institutions and Regional Payments Associations (RPAs) from across the country, meet with Congressional representatives and staff to continue education on the ACH Network, payments industry initiatives, and the NACHA Operating Rules, which govern the Network that transfers $43 trillion annually.
This year, NACHA, GRAG members, and other industry stakeholders will provide updates on NACHA and other industry initiatives, and outcomes and impacts of ACH Network advancements.
Specifically, Hill Day participants will share information on faster payments and Same Day ACH, a Network initiative that is moving payments faster and has resulted in more than 26 million payments in its first two quarters of operation; new rules and programs to support continued ACH Network quality; and local efforts and initiatives to increase awareness, understanding, and use of electronic payments. NACHA also will discuss its work beyond the ACH Network, such as its efforts around API standardization, as well as the value of private-sector rulemaking.
“We are excited to meet with members of Congress to discuss efforts such as API standardization, which can be transformative for the financial services industry, and Same Day ACH, which has already had a significant impact on how organizations make and receive payments,” said Bill Sullivan, Senior Director and Group Manager, Government and Industry Relations, NACHA.
“To be able to showcase the work that NACHA, the Regional Payments Associations, and industry stakeholders have been doing to continue the advancement of the payments industry is an honor. We look forward to the dialogue and feedback on current efforts and our vision for the future of the payments industry,” Sullivan said.
For more information about NACHA’s Government Relations Advisory Group, and to view resources and information on industry initiatives, visit http://www.nacha.org/ach-network/relations/government.
About NACHA’s Government Relations Advisory Group
NACHA’s Government Relations Advisory Group (GRAG) consists of representatives from NACHA's Direct Financial Institution and Regional Payments Association members, and the Payments Innovation Alliance. 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 http://www.nacha.org/ach-network/relations/government.
NACHA—The Electronic Payments Association
Since 1974, NACHA–The Electronic Payments Association has served as steward of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 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.