ACH Network

Nacha Unveils Top 50 ACH Originating and Receiving Financial Institutions for 2023

Retrieved on: 
Wednesday, March 20, 2024
Professional Services, Payments, Technology, Finance, Fintech, Banking, Digital Cash Management, Digital Assets, Federation, ACH, Multimedia, ACH Network

Nacha’s Top 50 ranking of financial institution originators and receivers of ACH payments for 2023 was released today.

Key Points: 
  • Nacha’s Top 50 ranking of financial institution originators and receivers of ACH payments for 2023 was released today.
  • View the full release here: https://www.businesswire.com/news/home/20240320284753/en/
    The Top 50 originating institutions had total ACH Network volume of nearly 27.7 billion payments last year, an increase of 5.7% over 2022.
  • For the Top 50 receiving institutions of 2023, ACH Network volume totaled almost 20 billion payments, up 6.4% from 2022.
  • These are primarily “on-us” ACH payments for which the originating and receiving financial institution are the same, and therefore not submitted to an ACH Operator.

New Nacha Rules Take Aim at Credit-Push Fraud

Retrieved on: 
Monday, March 18, 2024
Software, Finance, Banking, Data Management, Professional Services, Technology, Other Technology, Security, Annual report, ODFI, Cybercrime, Incidence, ACH, Regulation, Era, Expedited Funds Availability Act, Fraud, ACH Network, Bank

Nacha members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments.

Key Points: 
  • Nacha members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments.
  • The new rules establish a base-level of ACH payment monitoring on all parties in the ACH Network (except consumers).
  • “All participants in the ACH Network have a part to play in reducing the incidence of fraud, and recovering when fraud has occurred,” said Jane Larimer, Nacha President and CEO.
  • While the new rules apply to ACH payments, their principles and techniques are more broadly applicable to all types of credit-push payments.

Accelitas joins Nacha podcast on the future of ACH payments

Retrieved on: 
Tuesday, March 26, 2024
Nacha, Vizio, Product management, ACH, Risk, Intelligence, ACH Network, Risk management, Face, Fraud, Online shopping

PETALUMA, Calif., March 26, 2024 /PRNewswire-PRWeb/ -- Accelitas Vice President of Product Management James Cook was a recent guest on Nacha's "Payments SmartCast," a recurring podcast focused on issues of interest to the payments community. Hosted by Nacha's Dan Roth, Cook was joined by Amy Morris, Senior Director, ACH Network Rules at Nacha, in breaking down what went into the rules for account validation, what ACH participants need to be aware of, and what they might expect in the coming year.

Key Points: 
  • – James Cook, Accelitas
    According to Morris, the crucial duty of the ACH Network remains risk management, a process that's continuously evolving.
  • "The merchants/payees care about processing efficiently, moving on to their other obligations, and not having to think about payments anymore.
  • Cook said Accelitas works with "a number of different ACH participants that have all kinds of use cases that extend beyond just web debit."
  • "Accelitas is looking to expand our capabilities to help address these new and growing fraud needs in the marketplace."

Nacha’s Payments Innovation Alliance Releases Infographic Warning Against Becoming an Unwitting Money Mule

Retrieved on: 
Thursday, February 29, 2024
Technology, Finance, Seniors, Banking, Professional Services, Software, Consumer, Data Management, Other Professional Services, Product strategy, Multimedia, Embarrassment, ACH Network, Fraud, CPP, AAP, Illegal drug trade, NCP, Crime, Federal Trade Commission, ETA, Sadness, Macha, Education, Cryptocurrency

View the full release here: https://www.businesswire.com/news/home/20240229659686/en/

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20240229659686/en/
    A money mule transfers or moves illegally acquired money on behalf of someone else.
  • Criminals recruit money mules to help launder proceeds derived from crimes such as human and drug trafficking.
  • "The Payment Innovation Alliance Consumer Financial Exploitation Project Team leverages Nacha's connections with financial institutions to provide educational resources, empowering communities to protect themselves against fraud."
  • To download the infographic, learn more about consumer protection initiatives, or join the Payments Innovation Alliance, visit nacha.org/consumer-financial-project-team.

Nacha Launches New Campaign Highlighting the Many People Benefiting from Direct Deposit

Retrieved on: 
Wednesday, February 28, 2024
Professional Services, Payments, Data Management, Technology, Software, Finance, Banking, Veteran, Safety, Navy, Social Security, Insurance, ACH Network, Social, Dog, Beauty, Multimedia, Education, Direct deposit, Bank

A new campaign unveiled today by Nacha aims to educate and inform people on the many other ways to simplify their lives by making the best use of Direct Deposit.

Key Points: 
  • A new campaign unveiled today by Nacha aims to educate and inform people on the many other ways to simplify their lives by making the best use of Direct Deposit.
  • View the full release here: https://www.businesswire.com/news/home/20240228036599/en/
    Nacha Launches New Campaign Highlighting the Many People Benefiting from Direct Deposit (Photo: Business Wire)
    With a spotlight on real people—not actors—the campaign showcases how Direct Deposit helps Americans seamlessly receive not only their wages but many other types of payments as well.
  • “This campaign shines a light on how Direct Deposit is working for people far beyond delivering their pay.”
    Among those profiled is Christopher who served in the Navy and is among the 97% of veterans receiving their benefits by Direct Deposit.
  • Ralph, a communications professional, relies on Direct Deposit to receive pet insurance claim reimbursements for his dogs, including Walter.

ACH Network Records Strong Growth in 2023 as Same Day ACH Surpasses 3 Billion Payments Since Inception

Retrieved on: 
Wednesday, February 14, 2024
Technology, Payments, Finance, Fintech, Banking, Professional Services, Software, Networks, Data Management, Insurance, Growth, Health care, ACH Network, ACH, Multimedia, Bank

Led by strong growth in Same Day ACH and business-to-business (B2B) payments, the ACH Network securely handled 31.5 billion payments valued at $80.1 trillion in 2023.

Key Points: 
  • Led by strong growth in Same Day ACH and business-to-business (B2B) payments, the ACH Network securely handled 31.5 billion payments valued at $80.1 trillion in 2023.
  • 2023 marked the 11th consecutive year in which ACH Network value has increased by more than $1 trillion.
  • Since its inception in September 2016, Same Day ACH volume has surpassed 3 billion payments and $6 trillion.
  • There were 255.8 million Same Day ACH payments, up 41%, while the value of those payments was $662 billion, up 31.5%.

Nacha Announces Board of Directors for 2024, Reflecting Expertise in the Payments Industry

Retrieved on: 
Wednesday, January 24, 2024
Professional Services, Payments, Technology, Finance, Networks, Fintech, Banking, Senior, Farmers State Bank, JPMorgan Chase, CTP, Cape Cod, ACH Network, Fifth Third Bank, Ecosystem, Regions Financial Corporation, CPA, PMI, ESL Federal Credit Union, PMP, AAP, Management

Nacha announced its Board of Directors for 2024, featuring accomplished professionals representing a wide array of backgrounds within the payments ecosystem.

Key Points: 
  • Nacha announced its Board of Directors for 2024, featuring accomplished professionals representing a wide array of backgrounds within the payments ecosystem.
  • The Nacha Board provides strategic guidance related to the modern ACH Network and the governance of Nacha as an industry association.
  • "I want to thank each member of the Board of Directors for their commitment to serve," said Jane Larimer, Nacha President and CEO.
  • "I am honored to lead such a distinguished group of professionals who are dedicated to advancing the payments industry," said Joe W. Hussey, Nacha Board Chairperson.

Phixius by Nacha Surpasses 4 Million Account Validations

Retrieved on: 
Monday, October 23, 2023
Professional Services, Payments, Technology, Finance, Fintech, Banking, ACH Network, Nacha, Automation, Risk management, Product management, ACH, Bank, Cryptocurrency

Phixius by Nacha has successfully validated information for more than 4 million accounts since its first validation in March 2021.

Key Points: 
  • Phixius by Nacha has successfully validated information for more than 4 million accounts since its first validation in March 2021.
  • This accomplishment highlights its pivotal role helping customers of all sizes with Nacha rule compliance, as well as risk management.
  • Phixius attaining 4 million account validations along with other applications available to ACH users are key to enhancing the quality and integrity of ACH payments.
  • Phixius' account validation services offer numerous benefits to its customers:
    Cost Reduction: By minimizing payment errors and exceptions, Phixius helps businesses and financial institutions save time and resources.

Nacha Welcomes Goldman Sachs as Latest Direct Member

Retrieved on: 
Wednesday, October 18, 2023
Professional Services, Payments, Technology, Finance, Networks, Banking, ACH Network, Goldman Sachs, Payments Associations, Organization, ACH, Management, Security (finance), Direct

Nacha announced today that Goldman Sachs has joined its growing community of Direct Members.

Key Points: 
  • Nacha announced today that Goldman Sachs has joined its growing community of Direct Members.
  • Nacha now has 46 Direct Members, consisting of financial institutions and Payments Associations.
  • "We look forward to working closely with Goldman Sachs to advance and promote the modern ACH Network," said Jane Larimer, President and CEO of Nacha.
  • Additionally, Direct Members provide their ideas and recommendations to keep the ACH Network innovative and flourishing by serving on Nacha committees and workgroups.

Same Day ACH Growth Helps Lead ACH Network to Solid Third Quarter Results

Retrieved on: 
Tuesday, October 17, 2023
Finance, Banking, Payments, Professional Services, Technology, Organization, Multimedia, ACH Network, Growth, ACH, Direct Payments, Direct deposit, Larimer, Bank, Cryptocurrency

Ongoing adoption of Same Day ACH and the continued increase in business-to-business (B2B) payments led the ACH Network to robust results in the third quarter of 2023.

Key Points: 
  • Ongoing adoption of Same Day ACH and the continued increase in business-to-business (B2B) payments led the ACH Network to robust results in the third quarter of 2023.
  • So far in 2023, the ACH Network has handled 597.6 million Same Day ACH payments valued at $1.78 trillion, respective increases of 16% and 42.4% compared to the first three quarters of last year.
  • “The one million dollar limit and the three settlement times each business day make Same Day ACH a great choice for faster payments.”
    B2B also continues to be a growth area for the ACH Network.
  • Total third quarter volume on the ACH Network was 7.8 billion payments, up 3% from the same time last year and 4.6% per processing day.