News from the Wire

Nacha Preferred Partner program adds four categories

Friday, August 02, 2024 — 12:52:55 (EDT)

August 01, 2024 10:00 AM Eastern Daylight Time

RESTON, Va.--(BUSINESS WIRE)--Four new categories of Nacha Preferred Partners were unveiled today, doubling the number of categories available for organizations to showcase their leadership in the ACH Network.

“Our Nacha Preferred Partner offerings are evolving to help meet the needs and challenges facing participants in the ACH community. These new categories identify and recognize the ways ACH is strengthened and utilized” Post this

Nacha Preferred Partners offer products and services that align with Nacha’s core strategies to advance the modern ACH Network. The new categories are:

Account Validation: Boosting transaction accuracy and reducing risk on the ACH Network through advanced verification technologies, real-time validation and fraud detection mechanisms. Fraud Monitoring: Enhancing ACH transaction security and reliability through the utilization of machine learning, real-time data analysis, and analysis of transaction patterns and behaviors. ISO 20022: Enhancing interoperability and improving operational processes through the translation of ACH and ISO 20022 payment messaging.

Open Banking: Advancing integration and collaboration between financial institutions and third-party service providers to facilitate ACH transactions, reinforcing security, providing valuable data insights, improving access to the network and enhancing the customer experience.

“Our Nacha Preferred Partner offerings are evolving to help meet the needs and challenges facing participants in the ACH community. These new categories identify and recognize the ways ACH is strengthened and utilized,” said Stephanie Prebish, AAP, APRP, CTP, Nacha Senior Managing Director, Association Services. “Nacha looks forward to welcoming new organizations into the Preferred Partner fold as we work together to ensure that the ACH Network continues to grow and thrive.”

There are now seven Nacha Preferred Partner categories. The original three are:

ACH Experience: Removing friction and/or enhancing the ways customers send or receive ACH payments.

Compliance: Complying with an existing, upcoming or planned ACH Rule. Risk and Fraud Prevention: Implementing practices, tools and/or solutions to mitigate ACH payment risk and fraud.

To learn more about the Nacha Preferred Partner program and how to join the 27 organizations that are already Preferred Partners, visit us at www.nacha.org/preferred-partners.

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 31.5 billion ACH Network payments made in 2023, valued at $80.1 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.

Contacts

Dan Roth Nacha 571-579-0720 media@nacha.org

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Source: Company press release.