Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NACHA introduces payment cycle pilot program
WASHINGTON (8/27/10)--NACHA, The Electronic Payments Association, earlier this week announced that it has launched a pilot program that will allow credit unions and other financial institutions to “truncate low-value consumer checks and collect them as ACH debits.” NACHA said that it structured the pilot program, which will go on for a minimum of 18 months, “to identify and quantify cost savings for both originating and receiving financial institutions.” NACHA President/CEO Janet Estep said in the press release that the program could “transform the collection of low-value consumer checks by removing them from the payment cycle at the point of deposit.” The association will monitor the progress of the program and may follow it up by establishing a full program. Six financial institutions had signed up for the program at the time of the release. NACHA told News Now that while there are no credit unions currently enrolled in the program, it is actively encouraging credit unions to take part. For the full release, use the resource link.
Other Resources

RSS





print
News Now LiveWire
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
8 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
12 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
14 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
14 hours ago
#NewsNow Ill. league groups elect board, exec officers http://t.co/KAG8MtbGsv
14 hours ago