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Electronic Payments Association (NACHA)


Self Description

November 2008: "NACHA—The Electronic Payments Association is a not-for-profit association that oversees the Automated Clearing House (ACH) Network, one of the largest electronic payment networks in the world. More than 18 billion ACH payments were exchanged in 2007. NACHA is responsible for the administration, development, and enforcement of the NACHA Operating Rules and sound risk management practices for the ACH Network. Through its industry councils and forums, NACHA brings together hundreds of diverse payments system stakeholder organizations to enable the development of new network services and applications. NACHA represents more than 11,000 financial institutions through direct membership and 19 regional payments associations. NACHA and its members provide education, tools, and resources to increase the adoption of ACH payments to benefit businesses, consumers, and governments...

Our Strategic Direction

The ACH Network facilitates commerce electronically by serving as an efficient, reliable and secure payments system. NACHA, led by member depository financial institutions and payments associations, fulfills this purpose by managing the development, administration, and governance of the Network and by providing superior services and value to its members as the industry association responsible for ACH payments."

http://www.nacha.org/About/default.htm

Third-Party Descriptions

August 2008: "Nacha — the Electronic Payments Association, a nonprofit association that oversees the network that automated payments travel on, says the error rate is 38 for every 100,000 bill payments. This figure counts mistakes that banks report but doesn’t include problems that consumers solve directly through the billers. (Nacha once stood for National Automated Clearing House Association; automated bill payments are one of many kinds of A.C.H. transactions.)"

http://www.nytimes.com/2008/08/30/business/yourmoney/30money.html

Relationships

RoleNameTypeLast Updated
Status/Name Change from National Automated Clearing House Association (NACHA) Organization Nov 23, 2008
Organization Head/Leader (past or present) Elliott C. McEntee Person Nov 23, 2008

Articles and Resources

Date Fairness.com Resource Read it at:
Aug 29, 2008 Automated Bill Payments Are a Cinch (Not So Fast) (Your Money)

QUOTE: One other thing to keep in mind: While billers make plenty of errors, consumers probably make even more. People forget to pay, pay late or pay the wrong amount. Part of the point of automation is to protect the mistake-prone from themselves.

New York Times