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Nacha Adopts New Rules To Modernize ACH Payments

PYMNTS

Nonprofit Nacha , which enables Automated Clearing House ( ACH ) payments, has adopted eight new amendments to the Nacha Operating Rules that a press release said will help to modernize the payment style. In addition, the new rules make explicit which scenarios are not appropriate for reversing ACH payments.

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Payment Rail Innovators Focus On Cards, Contactless Payments

PYMNTS

Nacha Adopts Eight ACH Payment Updates. Nacha has adopted eight updates to the Nacha Operating Rules that the group, which enables Automated Clearing House (ACH) payments, said will help modernize the payment style. The amendments regard Same Day ACH and new methods of making ACH payments simpler to use.

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ACH SEC Codes

Payment Savvy

An SEC (Standard Entry Class) code is a code made up of three letters that explains how a specific ACH transaction was authorized by the business or a customer that received it. The codes are universal, and they are maintained and defined by NACHA, which has jurisdiction over the ACH network. SEC Codes – The List.