The enhancements to XML-ACH enable us to align the delivery of remittance with the international ISO 20022 standard to support improved reconciliation of payments with information, and further enable straight-through processing for businesses.
HERNDON, Va (PRWEB) October 20, 2014
Today, NACHA —The Electronic Payments Association® announced enhancements to its XML-ACH Remittance (XML-ACH) program. The Program now allows businesses to transmit ISO 20022 remittance messages via the ACH Network.
“Through initiatives such as the XML-ACH Remittance Program and other projects, NACHA continually seeks to improve options and efficiencies of business-to-business transactions processed through the ACH Network,” said Janet O. Estep, president and CEO of NACHA. “The enhancements to XML-ACH enable us to align the delivery of remittance with the international ISO 20022 standard to support improved reconciliation of payments with information, and further enable straight-through processing for businesses.”
To support the inclusion of ISO 20022 remittance messages in the XML-ACH program, NACHA, with the help of CGI, an independent information technology and business process services firm, developed best practices and created a mapping tool to cross reference the ISO 20022 remittance messages with other remittance formats, such as the STP 820.
Improving adoption of ISO 20022 in the U.S. will be a major topic of discussion at the upcoming Payments Innovation Alliance meeting, which will take place October 22-24 in New York. The Payments Innovation Alliance, a membership program of NACHA, encourages industry collaboration to help advance global payments. During the upcoming meeting, attendees will have the opportunity to participate in two sessions, Building a Plan for ISO 20022 Adoption in the United States and ISO 20022 Business Perspectives and Impact, which will discuss ISO 20022 adoption in the U.S. and business impact of adoption, as well as best practices for ISO 20022 implementation. Representatives from the Federal Reserve Bank, The Clearing House, NACHA, Canadian Payments Association, Lipis Advisors and Camara Interbancaria de Pagamentos will share information and perspectives on the topic during the sessions.
For more information about NACHA’s XML-ACH Remittance program, visit http://www.nacha.org/xml-ach-remittance. For more information or to register for the upcoming Payments Innovation Alliance meeting, please visit http://www.nacha.org/alliance.
About the Payments Innovation Alliance
The Payments Innovation Alliance, a program of NACHA –The Electronic Payments Association®, brings together diverse, global stakeholders to support payments innovation, collaboration, and results through discussion, debate, education, networking, and special projects that support the ACH Network and the payments industry worldwide. By organizing content and focus across all payment areas, including emerging payment technologies, electronic billing and presentment, mobile, payment security/risk, check conversion and global payments, the Alliance seeks to grow and advance payments and payments technology to better meet and serve the needs of the evolving industry. For more information and to learn how to join, visit http://www.nacha.org/alliance.
About NACHA—The Electronic Payments Association
For 40 years, 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. The Network, which moves money and information directly from one bank account to another, supports more than 90 percent of the total value of all electronic payments in the U.S. 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.