This is an incredible group of award winners who stood out for their accomplishments, leadership and for continuing to push the boundaries of innovation in the payments industry.
SAN DIEGO (PRWEB) May 02, 2018
May 2, 2018 – NACHA—The Electronic Payments Association® announced the recipients of its 2018 NACHA Payments Awards, which celebrate proven accomplishment and leadership in the payments industry and recognize and reward the payments innovations defining the future. The Payments Awards include the NACHA Excellence in Payments Award and the NACHA Challenge.
The award winners were recognized during the NACHA 2018 Payments Awards Luncheon, sponsored by TD Bank, during PAYMENTS 2018. The conference, which is the definitive destination for faster payments education, ends today at the San Diego Convention Center in California.
The NACHA Excellence in Payments Award
The NACHA Excellence in Payments Award honors an individual or organization that has shown superior leadership and accomplishment in the development, implementation or advancement of domestic or international electronic payments.
- Fiserv is speeding the movement of money and eliminating strongholds of paper payments with the Digital Payments Software Development Kit (SDK) and Digital Disbursements. The products facilitate easy, fast and safe business-to-business, consumer-to-business, and business-to-consumer payments.
All payments industry participants were given the opportunity to vote for the winner online from a pool of four finalists.
The NACHA Challenge
This year the NACHA Challenge rewards a team for developing new ways to enable ACH usage for person-to-person, business-to-business, account-to-account, or other payments without users having to supply their bank routing number or account information. Four finalist teams presented their proposals during PAYMENTS 2018 in San Diego to compete for up to $25,000 in prize money.
The Judges’ Choice Award ($15,000)
- Team Redwood for its RCU Pay, a mobile-first solution that allows customers to send money to anyone in the U.S. via email or text. The solution is built on top of the existing ACH infrastructure and includes a proprietary methodology for securely encrypting the payment message. Recipients then can route the funds via ACH to any U.S.-based financial institution. Proposal submitted by Redwood Credit Union.
The Audience Choice Award ($10,000)
- Team Stockman for its Simple Account Access Code, which contains all the information account holders need to identify their account at their financial institution in a format they can remember and share with vendors, bill payment companies, and other consumers. The access code would include security features such as two-step authentication and biometrics, and emerging technologies such as real-time transfers and mobile payments for simplicity and convenience.
Team Redwood was selected for the Judges’ Choice Award by a panel of judges drawn from across the NACHA family of organizations comprising the Payments Innovation Alliance, Direct Membership of NACHA, the Board of Directors, the Board Advisory Group and the PAYMENTS 2018 Conference Planning Committee. PAYMENTS 2018 attendees voted Team Stockman as the winner of the Audience Choice prize.
“We are proud to recognize Fiserv, Team Redwood and Team Stockman as well-deserving recipients of the 2018 NACHA Payments Awards,” said Jane Larimer, chief operating officer of NACHA. “This is an incredible group of award winners who stood out for their accomplishments, leadership and for continuing to push the boundaries of innovation in the payments industry.”
Follow the conference hashtag #PAYMENTS2018.
NACHA—The Electronic Payments Association
NACHA—The Electronic Payments Association is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable electronic payments and financial data exchange within the U.S. and across geographies. Through development of rules, standards, governance, education, advocacy, and in support of innovation, NACHA’s efforts benefit the providers and users of those systems. NACHA leads groups focused on API standardization, authors the Quest Operating Rules for EBT and is also the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2017, there was a total of nearly 26 billion ACH transactions. Of these, 21.5 billion ACH payments valued at $47 trillion moved across the ACH Network, and more than 4 billion were on-us transactions within financial institutions. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.