So-called native automated clearing house payments that originate electronically rather than by conversion of a paper check continued their robust growth in the second quarter while same-day ACH transaction volume hit $16.6 billion, reports ACH governing body NACHA—The Electronic Payments Association.
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The registration process will promote consistent customer due diligence among all ODFIs, and serve as a tool to support NACHA’s continuing efforts to maintain ACH Network quality.
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Automated Clearing House (ACH) is a payment network that facilitates financial transactions between banks. The NACHA, formerly known as the National Automated Clearing House Association, manages all of the electronic fund transfers that are made in the United States.
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After six years, the big banks have finally debuted “Zelle,” their competitor to Venmo that works inside the apps of participating banks. Zelle is meant for casual person-to-person payments, like paying someone back for dinner or splitting a utility bill. All you need to send money to someone is their email address or phone number. If this sounds like Venmo, that’s because it is very similar in functionality.
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