Remove Nacha Operating Rules Remove Rules Remove Wire Transfer
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Clearing Up The Case For ISO 20022

PYMNTS

to leverage ISO 20022 payment message standards for the payment itself and for remittance, without forcing everyone to make changes to the ACH formats and continue with existing NACHA Operating Rules ,” Estep said. Unlike the situation with high-value wire transfers, there’s no wide-scale conversion planned for ACH.

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ACH SEC Codes

Payment Savvy

Instead, they are under the jurisdiction of NACHA (The National Automated Clearing House Association), which establishes the rules and regulations that all the institutions that are part of the network follow. First of all, ACH payments are a lot cheaper than, for example, wire transfers.