The Bancorp Finetics Studio video series, which features one-on-one conversations with more than 30 of the financial services industry’s most influential and innovative executives, has released its second installment.
The Bancorp Finetics Studio video series, which features one-on-one conversations with more than 30 of the financial services industry’s most influential and innovative executives, has released its first installment.
Naples, FL-based ACI Worldwide has ankled Janet Estep to its Board of Directors. Estep serves as president and CEO of NACHA – The Electronic Payments Association that oversees the Automated Clearing House (ACH) Network.
The Electronic Payments Association announced that it is taking initial steps towards a ubiquitous, same-day ACH settlement capability. NACHA seeks to move the ACH Network from today’s single, next-day settlement to multiple, same-day settlement options that would be available for virtually any ACH Network transaction. The phased implementation approach outlined by NACHA proposes incremental functionality that will provide greater value to end users. This functionality would include multiple, new settlement windows, and greater certainty around faster funds availability; therefore providing a solid foundation on which to build innovative services into the future. NACHA is launching a study to assess the industry’s costs and potential transaction volume for same-day ACH.
Fiserv financial services technology solutions announced Jardon Bouska, president, Biller Solutions, Fiserv will deliver the keynote address at NACHA – The Electronic Payments Association’s Council for Electronic Billing and Payment (CEBP) Meeting in Chicago. This will bring together industry members to share ideas and collaborate in an open forum while discussing developments and trends in electronic billing and electronic payments. Bouska will offer his vision of the future of digital billing and payments, sharing new consumer and industry data from Fiserv that is predictive of industry direction. He will discuss changes that will impact billing organizations, financial institutions and consumers in a rapidly evolving payments landscape and outline how innovations, such as wearable technology, will help create a new era in paperless, real-time mobile bill presentment and payment.
NACHA Electronic Payments Association, released a resource to support financial institutions to refine implementation of the provisions of the Federal Financial Institutions Examination Council (FFIEC) Supplement to Authentication in an Internet Banking Environment. Developed by NACHA’s Risk Management Advisory Group, the release identifies sound business practices that financial institutions could use to create internal policies and procedures in response to guidance in the Supplement. The guidance requires financial institutions to complete periodic risk assessments, establish layered security controls, and educate customers on various forms of potential fraud.
NACHA added State Bank and Trust Company as a Direct Financial Institution Member. NACHA oversees the Automated Clearing House (ACH) Network, utilized by all types of financial institutions as a safe, secure, and reliable network for direct account-to-account consumer, business, and government payments, and annually facilitates billions of Direct Deposit via ACH and Direct Payment via ACH transactions. State Bank may now vote directly on Rules ballots, nominate candidates to serve on NACHA’s Board of Directors, and participate in NACHA Councils, along with other 47 direct members, consisting of 30 financial institutions and 17 regional payment associations.
Total ACH payment volume grew to over 20.2 billion transactions in 2011, up 4.35 percent over 2010, according to new statistics released today by NACHA – The Electronic Payments Association. ACH payments moved a total of $33.91 trillion over the Network in 2011. According to NACHA, the steady growth of the Network can be attributed…
Aptys Solutions and NACHA are set to provide the technology to support Deposited Check Truncation (DCT), which began as a pilot in 2010 and will transition into an opt-in program moving forward. The program allows a financial institution to use the ACH Network to electronically collect low-value consumer checks deposited by customers. For it, Aptys’ “PayLOGICS” system simplifies the DCT process by enabling the bank of first deposit to truncate a check and clear it with a Direct ACH Debit Payment. The Aptys software ultimately allows users to identify and separate DCT transaction candidates from an image cash letter file; automatically create ACH collection transactions using the TRC (Truncation) SEC code; automate the origination of an ACH file with the TRC transactions; output a rebalanced image cash letter file for delivery through normal clearing channels; and archive for efficient second day processing.
According to a new White Paper released today by NACHA – The Electronic Payments Association and PayItGreen, nearly 30-40% of consumers receiving financial statements and bills online also receive paper versions, according to Javelin Strategy & Research. Known as “double dipping,” surprisingly exists primarily among Gen Y and Early Adopters. However, Gen Y and Early Adopters are more likely to respond positively to messages encouraging a complete transition to paperless while nearly 20 % of Gen Y consumers simply forgot to turn off paper statements, 41% of whom would be receptive to the automatic shut-off of paper statements when signing up for online billing and payments- to which 48% of early adopters would be receptive.
NACHA – The Electronic Payments Association made available its http://direct.nacha.org microsite- a supplement to the main NACHA.org site to help all payments industry participants develop a common understanding of ACH payments, the NACHA Operating Rules, and the value of the ACH Network. Part of a “New Year, New Messaging” campaign with the Regional Payments Associations (RPAs), the messaging microsite is a comprehensive, centralized industry resource containing communications tools and information to drive industry adoption and usage of consistent messaging, terminology, and phrasing to explain the attributes and benefits of the ACH Network and ACH payments. This was developed as a result of an industry-inclusive process that engaged Network participants to ensure that the right terminology and messages are being used to explain the electronic movement of money and information via the ACH Network.
EastPay’s Information Interchange 2012 is a conference that provides attendees with the strategies to maximize business efficiencies, improve payment processes, reduce risk, and increase client satisfaction. To be held February 26 – 28 at the Wyndham Orlando Resort in Orlando, this payments industry conference targets payments professionals from financial institutions as well as corporations and government entities. Sponsored by ACH Alert, Digital Transactions, Federal Reserve Financial Services, and NACHA, the Conference will focus on Operations and Technology, Risk and Compliance, and Treasury Management.