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NewsBriefs

This article contains excerpts from news stories recently posted under Breaking Nacha ruling modernizes ACH transactions
Industry News on our homepage. For links to these and other full news stories,
please visit www.greensheet.com/breakingnews.php. Nacha published new guidance on authorizations
on Sept. 17, 2021, expanding ACH acceptance into
new technologies and channels. The ruling, termed
"Meaningful Modernization" enables consumers to
authorize future non-recurring ACH transactions
by voice or in writing, Nacha stated. Numerous
payments industry professionals expressed support
for the ruling.

Meaningful Modernization seeks to improve and
simplify the ACH user experience by "facilitating
the adoption of new technologies and channels for
Isaacman takes charitable giving to new heights the authorization and initiation of ACH payments;
reducing barriers to use of the ACH; providing
Media outlets have used the words "average," "normal," "regular" clarity and increasing consistency around certain
and "tourists" to describe the civilians who orbited the earth every ACH authorization processes; and reducing
90 minutes on a SpaceX Dragon. But there is nothing ordinary certain administrative burdens related to ACH
about the Inspiration4 crew and its mission commander Jared authorizations," read Nacha's description of the rule.
Isaacman, founder and CEO of Shift4. The three-day flight, The full description is available at www.nacha.org/
financed and led by Isaacman, splashed down off the coast rules/meaningful-modernization.
of Florida on Sept. 18, 2021. Isaacman called Inspiration4 "the
realization of a lifelong dream and a step towards a future in ETA event highlights financial inclusion
which anyone can venture out and explore the stars." He also The Electronic Transactions Association hosted its
pointed out that the mission's goal is to raise awareness and fifth annual Fintech Policy Forum on Sept. 23, 2021.
funds to support St. Jude Children's Research Hospital and its Designed to highlight legislative and regulatory
efforts to end childhood cancer. issues impacting payments industry stakeholders,
the virtual event brought together policymakers and
"I appreciate the tremendous responsibility that comes with payment leaders, stated Jodie Kelley, CEO at the ETA.
commanding this mission, and I want to use this historic In opening remarks, Kelley thanked event sponsors
moment to inspire humanity while helping to tackle childhood and the ETA's government relations leadership team
cancer here on Earth," he said in a statement. Elon Musk, SpaceX for their support, planning and contributions.
founder and CEO, who has sent 14 individuals into space within
the last 12 months, shared Inspiration4 updates on Twitter. "Just Trending topics on the agenda included crypto, open
spoke with Inspiration4x crew," he tweeted during the mission. banking, helping the underserved, small business
"All is well." lending, and international payments. "We'll discuss
Four charged with defrauding acquirers, card brands how these developments help increase financial
inclusion, and we'll hear from policymakers and
The U.S. Department of Justice indicted four individuals, industry and SEC executives," Kelley said of
including executives of a Los Angeles-based payment processing the comprehensive agenda, which began with a
company, for conspiring to deceive banks into allegedly presentation by Guy Harris, head of merchant
processing more than $150 million in credit and debit card services at Bank of America.
payments on behalf of 100 sham merchants. Said merchants
were engaged in online gaming, debt collection, debt relief, Government and industry leaders subsequently
online pharmaceuticals and payday lending, alleged to have discussed ways to help underserved consumers and
been misclassified as legitimate businesses to secure processing small business owners survive pandemic-related
services. economic challenges while improving access to
financial products and services.
Among the indicted was Ahmad "Andy" Khawaja, owner
and CEO of Los Angeles-based payment processor Allied
Wallet Inc., which specialized in serving online businesses. A Also find us on lso find us on FFacebook, acebook,
Also indicted were Allied COO Mohammad "Moe" Diab of L LinkedIn & inkedIn & TTwitter for the witter for the
Glendale, Calif.; Allied's vice president of operations Amy
most up-to-date stories, t up-to-date stories,
Ringler Rountree of Logan, Utah; and Thomas Wells, owner mos
of Martin County, Fla.-based Priority Payout, an Allied can’t miss events and newest an’t miss events and newest
c
referral partner. Khawaja and Wells were charged with wire
ind
fraud. Diab and Rountree were charged with wire fraud industry announcements.ustry announcements.
conspiracy and bank fraud conspiracy.
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