NACHA 2022: Raising the stakes for electronic payments

Banking And Financial Messaging

Bottomline

May 3, 2022

NACHA’s annual conference is well-known for bringing together financial professionals for one of the busiest weeks in US electronic payments education, networking and the unveiling of new products and services. This year the stakes are higher – literally - with the recent news that NACHA upped the Same Day ACH limit to $1,000,000 – up from $100,000.

But tht’s not the only development top of mind for the industry. FedNow, the new instant payment service from the Federal Reserve, is set to launch in 2023. The new global ISO 20022 messaging standard is gaining momentum around the world as financial institutions prepare for next-level instant payment functionality. ISO 20022 makes it possible for financial systems and networks to easily communicate in a common ‘language’.

Of course, with limits increasing and electronic payments accelerating, any conversation about financial transactions needs to include the latest innovations in fraud control. Fraudsters are working harder than ever to manipulate financial transactions using business email compromise (BEC), authorized push payment and social engineering tactics. In fact, in the recent Treasury Fraud & Controls survey, 87% of banks and 73% of companies perceive BEC as the highest area of risk in the next 12-24 months.

Keeping up on the dynamics of decisions that need to be made as electronic payments move faster, more intelligently around the world is an education itself. We’ve assembled a collection of articles, reports, podcasts with perspectives and points of view to help you stay in the know. Check out this digital magazine prepared specifically for NACHA 2022 attendees: The Bottomline on NACHA: Raising the Stakes for Digital Payments

 

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Electronic Payments NACHA

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