The ACH Network is robust and versatile in that it supports ISO 20022 today. As more payments participants look to adopt and support the standard, accurate use and translation will become even more important.
HERNDON, Va. (PRWEB) December 15, 2017
Today, NACHA—The Electronic Payments Association® announced the release of its ISO 20022 Validator Tool. The ISO 20022 Validator Tool helps to validate the mapping of ISO 20022 payment instructions into NACHA file formats for domestic ACH transactions. The Tool, developed in collaboration with Volante Technologies, enables businesses, software and solution providers, and financial institutions to instantly validate translated files, correct errors, and download amended files.
“The ISO 20022 Validator Tool is the latest addition to NACHA’s collection of resources to encourage and facilitate the integration of ISO 20022 payment messages with the ACH Network,” said Jane Larimer, chief operating officer at NACHA. “The ACH Network is robust and versatile in that it supports ISO 20022 today. As more payments participants look to adopt and support the standard, accurate use and translation will become even more important. With the ISO 20022 Validator Tool, ACH end users can gain a level of certainty that ISO 20022 messages to ACH mapping is standardized in the industry, easing many of the pain points and friction associated with ISO 20022 integration.”
Vijay Oddiraju, CEO, Volante Technologies, said, “We’re pleased to collaborate with NACHA to ensure our corporate and bank clients can transition to ISO 20022. As part of this effort, banks will now be able to onboard corporate clients to ISO 20022 with ease by leveraging the ISO 20022 Validator to ensure that ISO 20022 file formats can be mapped to the appropriate U.S. ACH messages.”
The ISO 20022 Validator Tool complements NACHA’s ISO 20022 Mapping Guide, which provides standardized guidance on translating ISO 20022 messages to corresponding ACH business and consumer transactions. The Guide, developed in collaboration with financial institutions, corporations, and industry subject matter experts, helps support organizations leveraging ISO 20022 – or those that desire to do so – as part of their accounts payable, accounts receivable, and treasury functions.
To learn more or make use of NACHA’s ISO 20022 Validator Tool or ISO 20022 Mapping Guide, visit NACHA’s ISO 20022 Resource Center.
About Volante Technologies
Since 2001, Volante has focused on addressing the challenges of financial message integration and payments on-boarding, processing and orchestration. We serve over 85 financial institutions and corporates in 27 countries by providing them with the agility they need to be competitive in the digital payments age. Our time-proven products Volante Designer and VolPay Suite are based on the latest technologies, automation and access a growing and maintained library of hundreds of international and domestic standards plug-ins. This means projects may be completed in months not years or weeks not months. Volante’s VolPay Suite of payment products can be deployed in-house, on the cloud or available as ‘Payments as a Service’. For further information please visit: http://www.volantetech.com.
NACHA—The Electronic Payments Association
NACHA—The Electronic Payments Association is the steward of the ACH Network – one of the largest, safest and most reliable payment systems in the world. The ACH Network creates value and enables innovation by universally connecting all U.S. financial institutions, and moving money and information directly from one bank account to another. In 2016, there were 25 billion ACH payments made that moved $43 trillion. NACHA also brings together diverse organizations to develop rules and standards to benefit payments ecosystem participants, including Electronic Benefits Transfer (EBT) and healthcare Electronic Funds Transfer (EFT). By collaborating with other standards organizations and geographies, NACHA facilitates compatibility and integration with U.S. payments. Visit nacha.org for more information.