Latest news with #Nacha
Business Wire
a day ago
- Business
- Business Wire
Nacha's Payments Innovation Alliance Releases Spanish-Language Resources to Help Prevent Consumer Financial Fraud
RESTON, Va.--(BUSINESS WIRE)--Nacha's Payments Innovation Alliance, a membership program bringing together diverse global stakeholders seeking to transform the payments industry, has released three new Spanish-language educational resources to help financial institutions inform and protect Spanish-speaking consumers from common financial scams. The materials aim to reduce exploitation by raising awareness of mobile scams and 'money mule' activity. All of the resources were created by the Alliance's Consumer Financial Exploitation Project Team. The first is an infographic, '¿Alguien le ha enviado dinero? ¡Usted podría ser una mula de dinero!' ('Has Someone Sent You Money? You Could Be a Money Mule!'), which is designed to help consumers identify when they may be unknowingly facilitating fraud. It illustrates how fraudsters manipulate individuals into transferring illicit funds—often exposing them to serious legal and financial consequences. To complement the information in the infographic the team created a video, 'Dinero facil, no existe. Tu preudencia es tu mejor proteccion' ('Highway to Easy Money? Think Again.'). This video provides another engaging format to raise awareness about how to avoid becoming a money mule. The discussion guide, 'Manténgase seguro y tenga cuidado con las estafas móviles' ('Stay Safe and Watch Out for Mobile Scams'), is an easy-to-follow piece covering key tactics used by fraudsters, carried out via smartphones. It provides clear, actionable tips to empower mobile users of all ages to protect their personal information and stay vigilant against these increasingly sophisticated scams. 'These resources help financial institutions educate Spanish-speaking community members on common financial scams,' said Jennifer West, AAP, AFPP, APRP, Senior Director, Payments Innovation Alliance, Education and Accreditation. 'Providing clear, accessible information in Spanish strengthens fraud prevention by reaching more people.' All resources were designed to be easily shared on financial institution websites, at branches and through digital communications. They are part of the Alliance's ongoing commitment to help financial institutions educate and protect consumers from financial scams. To learn more about the Alliance, 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
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.
Yahoo
04-07-2025
- Business
- Yahoo
3 Banking Tips That Can Save You Thousands Over the Rest of Your Life
Banks keep your hard-earned money safe, secure and accessible — and they even pay modest yields on your deposits. Most people won't get rich off their savings accounts, but everyday bank customers can save thousands over the course of their lives by working the system to their advantage and getting the most out of their bank's tools, features and services. Read Next: Find Out: Here are three key banking tips that will save you thousands over the rest of your life. In the long run, automatic bill pay has the potential to save you more money than nearly any other banking feature because bills on autopilot are bills that never go unpaid. According to Chase, a single missed payment can tank your score by more than 100 points and haunt your credit report for up to seven years — and payment history accounts for 35% of your credit score, the largest percentage of any factor. When you need to borrow, a hit like that could limit you to only the most expensive loans with difficult terms — if you're even approved at all. That could cost you thousands on an auto loan and tens or even hundreds of thousands on a mortgage while potentially precluding you from rental leases and employment opportunities. Nacha, formerly the National Automated Clearinghouse Association, operates the Automated Clearing House (ACH) Network, which is responsible for electronically transferring much of America's financial data and funds. It suggests taking advantage of direct deposit splits, a valuable tool used by fewer than one in four of the 88% of employees who get paid through electronic transfers. By sending portions of each paycheck to different accounts directly from their company's payroll department, workers can divert a set percentage or dollar amount straight to savings every pay period. Nacha reports that employees who split their direct deposits save $90 more per month than those who do not. That's $1,080 extra every year. Writing for Ramsey Solutions, personal finance coach and author Jade Warshaw stated that the average person finds $395 during the first month of budgeting and cuts their long-term spending by 9%. Naturally, she recommends Ramsey's EveryDollar budgeting platform, but your bank's free app might be the most powerful arrow in your financial quiver. Nearly all major banks and many smaller ones offer valuable budgeting tools that could help you save thousands of extra dollars over the years, including: Spending trackers Expense categorization Cash flow trackers Real-time updates and alerts Goal setting and progress tracking Visualized insights Spending limit setting controls More From GOBankingRates The New Retirement Problem Boomers Are Facing This article originally appeared on 3 Banking Tips That Can Save You Thousands Over the Rest of Your Life
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.
