SWACHA to Support NACHA Messaging Project Clarifying Industry Terminology
Dallas, TX, January 20, 2012 --(PR.com)-- Dallas-based SWACHA, one of the largest regional not-for-profit electronic payment associations in the country, announced today it will support NACHA’s Messaging Project. This initiative will develop clear, powerful messaging ensuring a common understanding of the NACHA Operating Rules, the ACH Network, and ACH payments. The initiative involves the definition, adoption, and consistent use of industry terminology to explain the ACH Network, ACH payments, and their attributes and advantages.
NACHA worked alongside industry professionals during the past 12 months to determine that the right terminology and messages were being used. Based on the results of this research, NACHA developed specific language to define the ACH Network, generated terminology to explain ACH payments and created distinctive phrasing to convey the role of the ACH Network and its characteristics. SWACHA agrees with NACHA’s findings and will support its efforts to create consistent messaging to drive awareness and acceptance of the updated messaging.
“The NACHA Message Project provides an opportunity for all financial institutions and businesses to better communicate about the ACH Network and ACH payments,” said Dennis Simmons, AAP, President and CEO of SWACHA. “We encourage our members to use the materials and resources available to begin incorporating the messages, terminology and phrasing into their materials and products.”
Four core messages will be supported when referring to the ACH Network and ACH payments:
· Message 1 defines the ACH Network: The ACH Network is the backbone for the electronic movement of money and other related data, providing a safe, secure, reliable network for direct consumer, business, and government payments.
· Message 2 describes Network inclusiveness: Large and small financial institutions of all kinds jointly govern and utilize the ACH Network, facilitating billions of payments such as Direct Deposit and Direct Payment.
· Message 3 positions the NACHA Operating Rules: The ACH Network is governed by fair and equitable rules that guide risk management and create certainty for all participants.
· Message 4 emphasizes Network innovation: As the migration from paper to electronic payment continues, the cost-effective ACH Network will grow and enable innovation that strengthens the industry with creative payment solutions.
In addition, terminology was created and refers to the specific language used to explain ACH payments. The industry indicated that Direct Deposit should continue to be used as it has been, but the definition of Direct Payment should be expanded to include all other forms of payment.
Finally, it became evident that a vehicle was needed to articulate the connection between Direct Deposit and Direct Payment and the ACH Network. The phrase “via ACH” will bridge this gap: “via ACH” is the differentiating phrase that links ACH payments back to the Network.
This is an ongoing messaging project. SWACHA will introduce and support the NACHA Message Project whenever possible and members should incorporate this information throughout marketing materials to drive usage of the new messages, terminology and phrasing. Numerous tools have been developed to communicate these updates and all financial institutions and business can start using the messages, terminology and phrasing in all documents today.
For more information or to download turn-key materials to support adoption, visit http://direct.nacha.org.
About SWACHA
SWACHA-The Electronic Payments Resource®, is one of the largest not-for-profit regional payments associations in the country with approximately 1,100 members across the Southwest. SWACHA is the resource of choice for financial institutions and corporations in the areas of education, training, payments system risks and knowledge about electronic payments. For more information visit:
Web: www.swacha.org
Facebook: www.facebook.com/bringingpaymentstogether
Twitter: @SWACHA
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NACHA worked alongside industry professionals during the past 12 months to determine that the right terminology and messages were being used. Based on the results of this research, NACHA developed specific language to define the ACH Network, generated terminology to explain ACH payments and created distinctive phrasing to convey the role of the ACH Network and its characteristics. SWACHA agrees with NACHA’s findings and will support its efforts to create consistent messaging to drive awareness and acceptance of the updated messaging.
“The NACHA Message Project provides an opportunity for all financial institutions and businesses to better communicate about the ACH Network and ACH payments,” said Dennis Simmons, AAP, President and CEO of SWACHA. “We encourage our members to use the materials and resources available to begin incorporating the messages, terminology and phrasing into their materials and products.”
Four core messages will be supported when referring to the ACH Network and ACH payments:
· Message 1 defines the ACH Network: The ACH Network is the backbone for the electronic movement of money and other related data, providing a safe, secure, reliable network for direct consumer, business, and government payments.
· Message 2 describes Network inclusiveness: Large and small financial institutions of all kinds jointly govern and utilize the ACH Network, facilitating billions of payments such as Direct Deposit and Direct Payment.
· Message 3 positions the NACHA Operating Rules: The ACH Network is governed by fair and equitable rules that guide risk management and create certainty for all participants.
· Message 4 emphasizes Network innovation: As the migration from paper to electronic payment continues, the cost-effective ACH Network will grow and enable innovation that strengthens the industry with creative payment solutions.
In addition, terminology was created and refers to the specific language used to explain ACH payments. The industry indicated that Direct Deposit should continue to be used as it has been, but the definition of Direct Payment should be expanded to include all other forms of payment.
Finally, it became evident that a vehicle was needed to articulate the connection between Direct Deposit and Direct Payment and the ACH Network. The phrase “via ACH” will bridge this gap: “via ACH” is the differentiating phrase that links ACH payments back to the Network.
This is an ongoing messaging project. SWACHA will introduce and support the NACHA Message Project whenever possible and members should incorporate this information throughout marketing materials to drive usage of the new messages, terminology and phrasing. Numerous tools have been developed to communicate these updates and all financial institutions and business can start using the messages, terminology and phrasing in all documents today.
For more information or to download turn-key materials to support adoption, visit http://direct.nacha.org.
About SWACHA
SWACHA-The Electronic Payments Resource®, is one of the largest not-for-profit regional payments associations in the country with approximately 1,100 members across the Southwest. SWACHA is the resource of choice for financial institutions and corporations in the areas of education, training, payments system risks and knowledge about electronic payments. For more information visit:
Web: www.swacha.org
Facebook: www.facebook.com/bringingpaymentstogether
Twitter: @SWACHA
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Contact
Granado Communications Group
Chris Martin
214-599-8467
www.swacha.org
Chris Martin
214-599-8467
www.swacha.org
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