Since its inception, [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.
Herndon, Va. (PRWEB) April 29, 2014
NACHA — The Electronic Payments Association® is bringing its Government Relations Advisory Group (GRAG) into Washington, D.C., on April 30 for a two-day series of meetings with Capitol Hill and financial industry leaders. Members of GRAG, which include leaders from large and small financial institutions and Regional Payments Associations across the country, will meet with Congressional representatives and staff to continue education on electronic payments and the NACHA Operating Rules, and discuss ACH Network priorities.
Originally created in the early 1970s to support the U.S. Air Force with paying its personnel across the country, the ACH Network has grown, evolved and adapted, and today processes nearly 22 billion transactions annually, totaling almost $39 trillion. Having moved beyond just Direct Deposit transactions, the Network today supports a wide range of payments including ACH 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.
“The ACH Network is most known for the Direct Deposit of payroll and electronic bill payments, but there are a number of other facets to the Network,” said Bill Sullivan, Senior Director and Group Manager, Government and Industry Relations, NACHA. “Since its inception, it 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 the story of the Network and our vision for ensuring its continued growth.”
Now in its second year, NACHA’s annual Hill Day includes meetings with Congressional staff and Congressional committees that oversee banking and consumer protection. This year’s event will be followed by a special GRAG meeting to be held May 1 at the Capitol Hill Club during which Hill Day participants will be able to gain a deeper understanding of industry topics impacting ACH Network users. Expert speakers from organizations such as PayPal, Visa, the Financial Services Roundtable (FSR), Electronic Transactions Association (ETA), and others will share insights and information on issues related to mobile payments innovation, regulation, and data security, among others.
For more information about NACHA’s Government Relations Advisory Group, visit https://www.nacha.org/GvtRelatn. 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/GvtRelatn.
About NACHA — The Electronic Payments Association
NACHA manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data. The ACH Network provides a safe, secure, and reliable network for direct account-to-account consumer, business, and government payments. Annually, it facilitates billions of Direct Deposit via ACH and Direct Payment via ACH transactions. Used by all types of financial institutions, the ACH Network is governed by the fair and equitable NACHA Operating Rules, which guide risk management and create payment certainty for all participants. As a not-for-profit association, NACHA represents more than 10,000 financial institutions via 16 Regional Payments Associations and direct membership. Through its industry councils and forums, NACHA brings together payments system stakeholders to foster dialogue and innovation to strengthen the ACH Network. To learn more, please visit http://www.nacha.org, http://www.electronicpayments.org, and http://www.payitgreen.org.