Latest news with #ACHNetwork
Business Wire
01-08-2025
- Business
- Business Wire
Nacha's Payments Innovation Alliance Seeks Public's Help Fighting Scams Through Video Contest
RESTON, Va.--(BUSINESS WIRE)--Nacha's Payments Innovation Alliance, a membership program bringing together diverse global stakeholders seeking to transform the payments industry, is accepting submissions for its Spotlight! Payments Video Challenge. Adults can win up to $6,500 for making a video that is 60 seconds or less that fits within this year's theme, Stand Against Scammers. Now in its second year, the contest is designed to inform others about avoiding common financial scams targeted at consumers. Federal Trade Commission data shows that consumers reported losing more than $12.5 billion to fraud in 2024, a 25% increase over reported losses in 2023. 'Awareness is the first line of defense against scams,' said Jennifer West, AAP, AFPP, APRP, Senior Director, Payments Innovation Alliance, Education and Accreditation. 'By understanding how scams work and how people are manipulated, we can better protect ourselves and others. This video contest — offering $10,000 in total prize money — empowers everyday individuals to share their stories and insights, helping to educate the public and take a united stand against scams.' Videos will be judged on their quality, message, content and the criteria detailed in the contest's official rules. Visit to enter and to see a copy of the official rules. Entries are due Aug. 31, 2025. To learn more about the Alliance, visit Winners will be announced through social media channels and a national press release. The Spotlight! Payments Video Challenge is made possible by the generosity of our Gold Presenter FICO and our Silver Presenters the Center for Payments, Chase, and the Independent Community Bankers of America. About Nacha Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 33.6 billion ACH Network payments made in 2024, valued at $86.2 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
Business Wire
02-07-2025
- Business
- Business Wire
Eftsure Now a Nacha Preferred Partner
RESTON, Va.--(BUSINESS WIRE)--Nacha announced that Eftsure, a leader in fraud prevention and payments protection, has joined its growing list of Nacha Preferred Partners. Eftsure is a Preferred Partner for Account Validation, Fraud Monitoring, and Risk and Fraud Prevention. Eftsure is a payments fraud prevention platform designed to protect businesses from payment fraud, errors, and cyber threats by verifying the legitimacy of suppliers and their banking details. Eftsure cross-references payment information in real time, providing intuitive 'traffic light' alerts—green for verified details and red for discrepancies—before funds are released. This system helps prevent issues such as business email compromise (BEC), fake invoices, insider scams, and duplicate payments. Eftsure promotes ACH as the preferred payment method in its platform, which does not support check payments. 'As concerns about fraud—particularly check fraud and credit-push frauds such as BEC—continue to grow, being vigilant is ever more important,' said Jane Larimer, Nacha President and CEO. 'We welcome Eftsure as a Nacha Preferred Partner and as another line of defense in the war on fraud.' 'Cybercrime and scam tactics are evolving rapidly, which is why businesses need collaborative, borderless solutions,' said Jon Soldan, Eftsure CEO. 'Eftsure now offers international payment verification across Europe and the Asia-Pacific (APAC) region. This expansion empowers U.S. companies with a unique capability: ensuring their vendor payments—whether domestic via ACH, wire payments or international—are directed to the correct recipients. Our partnership with Nacha further reinforces the value we deliver to finance teams, particularly in streamlining and securing outbound payments through greater visibility, control, and trust.' Nacha's Preferred Partner Program is open to any technology solution provider whose offerings align with the Nacha strategy of advancing the ACH Network. For more information about the program, visit Nacha's Preferred Partner page. About Nacha Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 33.6 billion ACH Network payments made in 2024, valued at $86.2 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services. About Eftsure Eftsure is the global market leader in payment fraud prevention. Specifically designed for businesses, our end-to-end solution safeguarded more than $288b in B2B payments last year. Powered by cross-matching, we use multi-layered verification methods to give finance and AP teams cleaner data, more control over onboarding vendors, and greater confidence in all outgoing payments, particularly ACH payments. In short, we ensure our customers don't pay the wrong people.
Business Wire
02-07-2025
- Business
- Business Wire
Nacha Supports Executive Order to Eliminate Federal Check Payments, Citing Cost Savings and Fraud Reduction
RESTON, Va.--(BUSINESS WIRE)--Nacha submitted formal comments in support of Executive Order 14247, 'Modernizing Payments To and From America's Bank Account,' applauding the Treasury Department's efforts to eliminate paper checks for federal disbursements and collections. The executive order, which directs a full transition to electronic payments by Sept. 30, 2025, for federal disbursements, aligns with long-standing Nacha priorities to enhance efficiency, security and inclusion in the payments system. 'The federal government has long been a leader in adopting electronic payments, and fully transitioning away from paper checks is a significant step that will benefit American consumers and businesses while saving the federal government money,' said Jane Larimer, President and CEO of Nacha. In 2024, the Treasury Department originated more than 1.86 billion ACH payments, moving more than $8.5 trillion through the ACH Network for purposes ranging from Social Security benefits and tax refunds to vendor and Medicare payments. The same year, the federal government issued approximately 36 million paper checks. Nacha's comments noted that if the Treasury Department had used ACH payments instead of checks, 'the direct savings to the federal government would have been over $68 million.' In its comment letter, Nacha emphasized that transitioning away from checks is more a matter of policy choices and implementation than technical readiness. With the widespread availability of no-cost bank accounts, mobile and online banking, prepaid cards and payment apps, Nacha urged the Treasury Department to minimize hardship exceptions that result in the continued use of paper checks. Nacha also noted that any person, business or organization that writes a check to the federal government has a bank account from which an electronic payment can be made. Other Nacha recommendations included: Expanding account validation to mitigate fraud and reduce improper payments. Leveraging existing banking information across federal agencies to streamline Direct Deposit enrollment. Shortening the Treasury's ACH credit settlement times, bringing it in line with standard ACH timing in the private sector. The full comments are available here. For more information on Direct Deposit and Direct Payment and the ACH Network, visit and About Nacha Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 33.6 billion ACH Network payments made in 2024, valued at $86.2 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
Business Wire
17-06-2025
- Business
- Business Wire
Nacha Unveils New Consumer Awareness Campaign Promoting Direct Payment Benefits
RESTON, Va.--(BUSINESS WIRE)--Nacha launched a new consumer-focused awareness campaign to highlight the convenience and safety of using Direct Payment to pay bills. Also known as electronic funds transfer (EFT), bank transfer, eCheck, or autopay, Direct Payment enables consumers to replenish account balances, make donations, and pay tuition, dues, premiums, subscriptions, in addition to mobile/internet/cable and other recurring bills. According to the Federal Reserve 2024 Findings from the Diary of Consumer Payment Choice, Americans pay an average of six bills each month using Direct Payment, totaling $2,314. Direct Payment is designed to simplify the payment process and provide consumers with: Convenience and Efficiency: Streamlining finances by setting up payments once for recurring payments. Security: ACH transactions are secure and keep financial information protected. Timeliness: Payments are processed on time so late fees, penalties, or interrupted service are avoided. Read About Real-Life Users of Direct Payment The campaign includes several real-life subjects who rely on and benefit from Direct Payment. They enjoy the peace of mind that comes with knowing their bills are paid on time. 'Direct Payment gives both the sending and receiving parties – consumers and billers – the confidence that funds will be accurately and securely delivered on time,' said Jane Larimer, Nacha President and CEO. 'This campaign shows a variety of ways that Direct Payment is delivering for consumers and businesses.' Enhancements to the Direct Deposit Campaign Nacha has added several new subjects and uses for Direct Deposit to in order to continue to educate and inform Americans on the many ways they can make the best use of Direct Deposit and simplify their lives. Direct Deposit is the convenient and secure way for consumers to have funds added to their bank or credit union accounts. Direct Deposit is the way 92% of American workers receive their payroll, 99% of Social Security recipients and 97% of veterans receive their benefits. Additionally, 91% of Americans due tax refunds are paid through Direct Deposit. Consumers: Tell Nacha Your Direct Payment or Direct Deposit Story Nacha invites Americans to tell us their story of how they have benefited from Direct Payment or Direct Deposit by allowing them to take control of their finances, reduce stress, or free up valuable time. Submissions may be featured in a future campaign. For more information about Nacha's campaigns, visit: About Nacha Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 33.6 billion ACH Network payments made in 2024, valued at $86.2 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
Business Wire
24-04-2025
- Business
- Business Wire
Nacha Announces LexAlign as a Preferred Partner for Compliance and Risk and Fraud Prevention
RESTON, Va.--(BUSINESS WIRE)--Nacha announced today that LexAlign PBC is now a Preferred Partner for Compliance and Risk and Fraud Prevention. LexAlign provides compliance solutions designed to address risk and combat fraud in the payments industry. The LexAlign platform built for banks and their Originators automates the compliance audit process to address exposure to payments fraud and ensure adherence to the Nacha Rules and applicable laws. The platform enables banks to manage their exposure to Originator operations through data-driven scoring and analytics. 'Nacha continues to focus on strong risk management and fighting fraud, to keep the modern ACH Network safe and reliable,' said Jane Larimer, Nacha President and CEO. 'We are pleased to welcome LexAlign as our newest Nacha Preferred Partner.' 'The rise in credit-push fraud has riveted attention to the importance of Originator security and compliance with the Nacha Rules, as fraudsters exploit gaps in Originator operations. We created LexAlign to fortify the frontline by empowering Originator security and compliance, while providing data and scoring banks can use for proactive risk management, at scale,' said Trevor Lain, LexAlign Founder and CEO. 'We're honored to be a Nacha Preferred Partner as we work with banks to implement Nacha's new Risk Management Framework for the Era of Credit-Push Fraud.' Nacha's Preferred Partner Program is open to any technology solution provider whose offerings align with the Nacha strategy of advancing the ACH Network. For more information about the program, visit Nacha's Preferred Partner page. About Nacha Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 33.6 billion ACH Network payments made in 2024, valued at $86.2 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services. About LexAlign Headquartered in Austin, Texas, LexAlign specializes in automating security and compliance audits for remote deposit, ACH, and wire transfers. The platform enhances customer security and compliance while helping banks prevent fraud, reduce fraud-related liabilities, and ensure adherence to federal laws and regulations, FFIEC guidance, and the Nacha Rules. By streamlining the audit process, LexAlign enables both banks and their clients to better manage risk and comply with the necessary legal and regulatory standards. To learn more, visit
