The guide covers common conversational payments use cases, FAQs and SEC codes related to voice-assisted devices or smart speakers through the ACH Network.
12/12/2022 2:50 P.M.
1.5 minute read
Nacha’s Payments Innovation Alliance has created a new resource to help financial institutions, billers and payment processors navigate voice payments processing using the ACH Network.
The Payments Innovation Alliance is a membership organization of financial institutions of all sizes, fintechs, solution providers, corporations, law firms and others that seeks to grow and advance payments through innovation to better meet the needs of the modern ACH Network and the evolving payments industry worldwide.
Their new guide, Voice Payments: Guide to Nacha’s Operating Rules, identifies the most common conversational payments use cases, offers answers to frequently asked questions and assists in determining the Standard Entry Class (SEC) codes for consumer bill payment use cases using voice-assisted devices or smart speakers for ACH payments.
“Over the past two years, Nacha has updated its operating rules and guidelines to reflect emerging technology, including voice payments within the ACH Network. Voice Payments: Guide to Nacha’s Operating Rules assists by identifying the specific provisions that apply in a variety of use cases,” said Jennifer West, AAP, APRP, senior director, Payments Innovation Alliance, Nacha. “The publication offers important guidance to banks, credit unions, billers and payment processors offering conversational ACH payment options.”
Written by members of the alliance’s conversational payments and cybersecurity response project teams, the guide completes a series of conversational payments-focused executive briefings, including information on the technology behind voice payments and contractual considerations for financial institutions.
The teams also published a section on providing best practices to protect consumers from cyber threats and unwanted data sharing in their homes.
Download a copy of Alliance Executive Briefings here.
If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.