From the Desk of NACHA President & CEO Janet Estep For more than 40 years, Earth Day {www.earthday.org/2012} has served as a reminder of the Earth’s generous yet limited resources, and rekindled the need to protect those resources. April 22nd has been designated as Earth Day – a day when consumers, [...]
Tag Archives: ACH
Fri 03/23/2012 - 09:06
New data from automated clearing house governing body NACHA reaffirm the continuing gains of electronic bill payment and the long-term decline in consumer check writing to pay bills. NACHA’s report for 2011’s fourth quarter says that transactions under the so-called WEB standard entry class code for Internet bill-payment debits grew 6.9% to 685.9 million from [...]
Fri 09/30/2011 - 11:51
Posted by Digital Transactions 09/28/11 The automated clearing house network took a crucial step toward faster transaction movement last Friday when NACHA, the network’s governing body, distributed a request for comment on a proposal for same-day settlement. NACHA sent the 22-page document, which sets out a proposed system called Expedited Processing and Settlement (EPS), by [...]
Mon 07/18/2011 - 06:13
Faster clearing and settlement of automated clearing house transactions, hampered by a host of issues and limitations, could be picking up some momentum, albeit slowly. Software is emerging to allow both large and small financial institutions to take advantage of a nearly 1-year-old Federal Reserve service that clears transactions on the same day they are [...]
Fri 06/10/2011 - 09:05
Denver-based eWise Systems Inc., provider of the switch that runs the new Secure Vault Payments system for online purchases over the automated clearing house network, announced on Tuesday that it had raised $14 million in venture-capital financing. The new financing is significant because it more than doubles all the money that had been invested in [...]
Fri 05/06/2011 - 04:37
by Stephen Price – Payment-Times.com I thought I would pose this question. If you are doing debt collections, do we need check verification services? Here’s my point… Check Verification was originally made for retail establishments (think WalMart, Sears, etc..) that were giving away a product, say a TV. The consumer would tender a check to [...]
Mon 04/11/2011 - 11:55
Taking a cue from bank card merchant acquirers, bank processor Fidelity National Information Services Inc. (FIS) and NACHA on Monday announced the formation of the Terminated Originator Database, a new service to help banks identify businesses that other banks have cut off from originating automated clearing house transactions because of high risk. NACHA selected Jacksonville, [...]
Sun 04/10/2011 - 12:00
More than eight months after it introduced same-day settlement for automated clearing house transactions, the Federal Reserve has attracted only a handful of banks for the service. “It’s been a long struggle,†Steven Cordray, retail payments project manager at the Atlanta Fed’s Retail Payments Office tells Digital Transactions News. Speaking on Monday at Payments 2011, [...]
Tue 03/01/2011 - 06:42
Beginning on Sept. 16, 2011, an originator may obtain a consumer’s oral authorization for recurring TEL transactions. NACHA (the National Automated Clearing House Association) recently amended its Operating Rules to expand the scope of the Telephone-Initiated Entry (TEL) appli cation to permit its use for recurring consumer transactions. A TEL entry allows merchants or creditors [...]
Tue 02/22/2011 - 07:11
February 22, 2011 To: Board of Directors Regional Payments Associations Direct FI Members Council Members ACH Operators From: NACHA Member Communications Action Requested: Recipients of this email may communicate the contents of this notification to their members, customers, and business partners. This email is for notification purposes and should not be used for any purpose [...]
Fri 01/28/2011 - 10:24
Starting in March, checks sent to lockboxes and some point of sale transactions can be processed by merchants and billers through the automated clearing house system without offering consumers a chance to opt out under new rules set by NACHA, the ACH’s regulatory organization. The new rules, which will be effective March 18 and will [...]
Fri 01/21/2011 - 07:41
Crooks have stolen more than $150,000 from a US business after embedding malware into an e-mail replying to an online job posting. The FBI is warning small firms about the scam, which sees computers infected by malware contained in attachments to e-mails sent in response to job ads on employment Web sites. In one recent [...]
Tue 12/21/2010 - 01:17
By Jack Phillips Epoch Times Staff Credit cards were on the decline even though all other electronic payment methods rose in a three-year period between 2006 and 2009, according to a report from the Federal Reserve last Wednesday. In 2009, there were 21.6 billion credit card payments, which value $1.9 billion, compared with 21.7 billion [...]
