By utilizing international standards, the ACH Network can help facilitate the increased use of remittance information, support improved reconciliation of payments with information, and further enable straight-through processing.
HERNDON, Va. (PRWEB) June 23, 2014
Today, NACHA -The Electronic Payments Association® announced that it was recognized for its work supporting the development and publishing of new ISO 20022 standalone electronic remittance messages during the EBAday 2014 Forum held in Helsinki, Finland, June 10 and 11. During a sponsored dinner following the first day of the event, the IFX Forum and its members, including NACHA, were acknowledged by hundreds of Forum attendees for their efforts to help standardize electronic remittances across the globe.
“We are pleased to be recognized for our efforts to help standardize the delivery of remittance information,” said Janet O. Estep, NACHA president and CEO. “Our work with the IFX Forum to develop the ISO 20022 remittance messages was particularly important as NACHA seeks to provide efficient options for corporate payments that use internationally recognized standards for B2B transactions. By utilizing international standards, the ACH Network can help facilitate the increased use of remittance information, support improved reconciliation of payments with information, and further enable straight-through processing.”
In 2013, NACHA launched its XML-ACH Remittance Program that defines the conditions and rules for using ISO 20022 messages for B2B payment remittance information. The ACH Network has the flexibility to support both approved EDI and ISO 20022 message formats for B2B payments.
NACHA collaborated with the IFX Forum and others to spearhead the effort to develop the ISO 20022 standalone remittance standard. In April 2014, the ISO 20022 standalone remittance messages were approved and published. The published messages can be found at http://www.iso20022.org.
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, http://www.payitgreen.org, and http://direct.nacha.org.