Digital Transactions Authoritative, insightful and timely information for payments professionals
In an effort to reduce the volume of returned transactions and motivate banks to crack down on originators of incorrect or risky automated clearing house payments, ACH network governing body NACHA today proposed two new rules to improve transaction quality. One would set new fines that the network could assess …
Read More »Native Electronic Applications Shine on the ACH As Check-Based Codes Slide
By John Stewart n Electronic processing of payments that originate as paper checks dropped dramatically in the second quarter on the automated clearing house network, while payments that start out as electronic items grew briskly, according to the latest report from NACHA, the ACH’s governing body. n The decline in …
Read More »Through The Clearing House, Major Banks Prepare a ‘Secure Cloud’ to Mask Payments Data
Fearing that security worries could hinder mobile payments and other digital-payments channels, a handful of major banks are building a server-based switch that will mask consumers’ banking information when they perform transactions. Tentatively called Secure Cloud, the so-called thin switch is under construction at The Clearing House Payments Co. LLC, …
Read More »First-Quarter NACHA Stats Again Reflect Slow Death of Paper Checks
The slow death of paper checks showed up again in the latest quarterly statistics from NACHA, the regulatory body for the automated clearing house network. The ACH, which links virtually every financial institution in the country, allows banks and merchants to convert checks into electronic formats. But transaction volume on …
Read More »Banks’ ‘Shift in Priorities’ Leaves Secure Vault Payments in the Lurch
n n n n n n n n n n n n n n n Merchant pricing is 0.9% of the sale plus 30 cents, which Gonthier says is only about one-third the cost of a credit card or PayPal Inc. transaction.
Read More »Chirpify Widens Its Payments Reach As It Seeks Social-Commerce Data
The move will allow Chirpify members to pay merchants and each other on the Twitter, Facebook, and Instagram social networks with American Express, Discover, MasterCard, and Visa cards or with ACH transfers. It also propels the fledgling Portland, Ore.-based company further into the fast-growing world of social commerce, where companies …
Read More »A New Mercedes-Benz App Enables Loan Payments on Mobile Devices with Wheels
n The purpose of the new “My MBFS” app is to increase customer convenience and continue Mercedes-Benz’s leadership in applying mobile-commerce technology to automobiles, Matt Darrah, manager of B2C digital marketing at Mercedes-Benz n “At Mercedes-Benz Financial Services, we have had this mobile journey, we saw mobile coming in …
Read More »NACHA Positions the ACH Network To Be a P2P Payments Player
With electronic person-to-person payments volumes booming thanks to an ever-growing list of services from transaction processors, banks and companies such as PayPal, the automated clearing house network is trying to position itself as a P2P player. ACH governing body NACHA on Tuesday introduced bankers to a new rule it …
Read More »An Expanded Fed Service May Be the Best Hope for Same-Day ACH
Proponents of same-day settlement of automated clearing house transactions are now pinning their hopes on an enhanced same-day service from the Federal Reserve that contains many elements in a proposal from ACH governing body NACHA that failed last August despite widespread banker support. The beefed-up Fed service, however, still …
Read More »All-Electronic Payments Dominate 2012’s ACH Transaction Volumes
Boosted by more all-electronic payments, total automated clearing house network transaction volume grew 4.2% in 2012 to nearly 16.8 billion transactions from 16.1 billion the prior year, ACH governing body NACHA reported Wednesday. The value of ACH payments increased 8.8% to $36.9 trillion. WEB, an ACH code primarily for …
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