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Getting there is a long road with many twists and turns, with guidance provided not only by back-end technology but also by updated rules from organizations with a governing role across the payments industry. The rule change is the subject of a recent white paper published by GIACT. New NACHARule.
Navigating electronic payments requires a thorough understanding of compliance standards set forth by governing bodies such as the National Automated Clearing House Association (NACHA) network. What is NACHA? Data security NACHA imposes stringent requirements to protect sensitive financial data.
Enova’s 2016 payment innovations were powered by our real-time predictive analytics and on-demand decision-making technology. Smart ACH was created not only to help meet NACHA compliance rules, but also to improve operational efficiency and the customer experience.
Choosing a trusted payment processing partner is the first step in ensuring your business accepts popular EFT payment methods and stays up-to-date with new technology. An EFT payment includes many more than debit or credit card transactions, and with seemingly constant technological advancements, new ways to pay are always emerging.
This creates an interesting predicament for B2B payments disruptors: Should technology be used to make paper checks less friction-filled, or should it be used to entice businesses away from the paper check altogether? ACH payments are subject to NACHArules and require you to store bank information for payees,” he said.
Standards: EDI follows strict international standards for formatting electronic documents, whereas ACH transactions comply with the National Automated Clearing House Association (NACHA) rules. Technology and Security: Invest in reliable EDI software or partner with a trusted provider.
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