The Next Generation ACH Network; NACHA Study to Plot Course for Future Improvements

Apr 23, 2001, 01:00 ET from National Automated Clearing House Association

    WASHINGTON, April 23 /PRNewswire Interactive News Release/ -- NACHA - The
 Electronic Payments Association announced today at its PAYMENTS 2001
 conference that it has formed a Next Generation ACH Task Force to develop
 recommendations on the infrastructure, technology, business requirements and
 operating rules necessary for the future Automated Clearing House Network.
     "The Next Generation ACH study asks a simple question," said Janet C.
 Boyst, Chair of NACHA's Board of Directors and Senior Vice President and Group
 Executive at Wachovia Bank.  "'What changes need to be made to the ACH Network
 to meet the future payment needs of financial institutions and their
 customers?'  I expect the answer to that question will be complex."
     The Task Force is being chaired by Leonard J. Heckwolf, Senior Vice
 President of Bank One and a member of NACHA's Board of Directors.  The Task
 Force will examine issues such as same-day and real-time payment processing,
 universal web access, incorporating XML-based data standards, authentication
 services, database services to improve quality and reduce risk, new e-commerce
 applications, improvement of existing applications, and inter-connecting with
 other payment networks.
     The Task Force will produce a draft report by September 2001, which will
 be considered by NACHA's Board in November 2001.  Other Task Force members are
 Ward Gailey, SunTrust Bank, Marcie Haitema, J.P. Morgan Chase, Mark Havlik,
 First Union National Bank, Fred Laing, II, Upper Midwest ACH Association,
 Nolan North, T. Rowe Price, George Thomas, Electronic Payments Network, and
 Dennis Toda, WesCorp Federal Credit Union.
     The ACH Network serves 20,000 financial institutions, 3 million
 businesses, and 100 million individuals.  The ACH Network is commonly used for
 Direct Deposit of payroll and government benefits such as Social Security,
 Direct Payment of consumer bills, business-to-business payments, federal tax
 payments, and, increasingly, e-commerce and international payments.  In 2000
 there were almost 6.9 billion ACH payments made worth more than $20.3
 trillion.
 
     About NACHA -- The Electronic Payments Association
     NACHA is the leading organization in developing electronic solutions to
 improve the payments system.  NACHA represents more than 12,000 financial
 institutions through direct memberships and a network of regional payments
 associations, and 600 organizations through its six industry councils.  NACHA
 develops operating rules and business practices for the Automated Clearing
 House (ACH) Network and for electronic payments in the areas of Internet
 commerce, electronic bill payment and presentment (EBPP), financial electronic
 data interchange (EDI), international payments, electronic checks, and
 electronic benefits transfer (EBT).  Visit NACHA on the Internet at
 http://www.nacha.org .
 
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SOURCE National Automated Clearing House Association
    WASHINGTON, April 23 /PRNewswire Interactive News Release/ -- NACHA - The
 Electronic Payments Association announced today at its PAYMENTS 2001
 conference that it has formed a Next Generation ACH Task Force to develop
 recommendations on the infrastructure, technology, business requirements and
 operating rules necessary for the future Automated Clearing House Network.
     "The Next Generation ACH study asks a simple question," said Janet C.
 Boyst, Chair of NACHA's Board of Directors and Senior Vice President and Group
 Executive at Wachovia Bank.  "'What changes need to be made to the ACH Network
 to meet the future payment needs of financial institutions and their
 customers?'  I expect the answer to that question will be complex."
     The Task Force is being chaired by Leonard J. Heckwolf, Senior Vice
 President of Bank One and a member of NACHA's Board of Directors.  The Task
 Force will examine issues such as same-day and real-time payment processing,
 universal web access, incorporating XML-based data standards, authentication
 services, database services to improve quality and reduce risk, new e-commerce
 applications, improvement of existing applications, and inter-connecting with
 other payment networks.
     The Task Force will produce a draft report by September 2001, which will
 be considered by NACHA's Board in November 2001.  Other Task Force members are
 Ward Gailey, SunTrust Bank, Marcie Haitema, J.P. Morgan Chase, Mark Havlik,
 First Union National Bank, Fred Laing, II, Upper Midwest ACH Association,
 Nolan North, T. Rowe Price, George Thomas, Electronic Payments Network, and
 Dennis Toda, WesCorp Federal Credit Union.
     The ACH Network serves 20,000 financial institutions, 3 million
 businesses, and 100 million individuals.  The ACH Network is commonly used for
 Direct Deposit of payroll and government benefits such as Social Security,
 Direct Payment of consumer bills, business-to-business payments, federal tax
 payments, and, increasingly, e-commerce and international payments.  In 2000
 there were almost 6.9 billion ACH payments made worth more than $20.3
 trillion.
 
     About NACHA -- The Electronic Payments Association
     NACHA is the leading organization in developing electronic solutions to
 improve the payments system.  NACHA represents more than 12,000 financial
 institutions through direct memberships and a network of regional payments
 associations, and 600 organizations through its six industry councils.  NACHA
 develops operating rules and business practices for the Automated Clearing
 House (ACH) Network and for electronic payments in the areas of Internet
 commerce, electronic bill payment and presentment (EBPP), financial electronic
 data interchange (EDI), international payments, electronic checks, and
 electronic benefits transfer (EBT).  Visit NACHA on the Internet at
 http://www.nacha.org .
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X64248898
 
 SOURCE  National Automated Clearing House Association