Podcasts about automated clearing house

Welcome to the Treasury Update Podcast's first episode in the Payment Primer Series. This episode kicks off with a deep dive into ACH payments. We cover the role of Nacha, the differences between ACH and other payment systems, security concerns, processing timelines, and key terms and acronyms. Listen in to learn more.   For further research, visit the following links: https://www.nacha.org/  https://www.theclearinghouse.org/payment-systems/ACH 

RocketFuel Payment Solutions CEO Peter Jensen joined Steve Darling from Proactive to share news about an exciting partnership with Ripple. This collaboration involves the integration of Ripple Payments into RocketFuel's suite of payment products, aimed at addressing the growing demand for faster, more reliable, and cost-effective FIAT payments to merchants and partners on a global scale. Jensen explained that several of RocketFuel's products will leverage Ripple Payments technology to enhance their functionality and efficiency. These products include: RocketFuel Pay-In Commerce which allows merchants to accept payments in both cryptocurrency and Automated Clearing House methods, both in-store and online. By integrating Ripple Payments, RocketFuel aims to streamline payment acceptance processes, offering greater flexibility to merchants and their customers. RocketFuel Mass Pay-Out is designed for merchants dealing with large volumes of payments to customers and partners across the globe, this solution enables payments to be made in either cryptocurrency or via traditional bank transfers. The inclusion of Ripple Payments technology enhances the speed and cost-efficiency of these transactions. Jensen also said RocketFuel Cross-border B2B product caters to businesses involved in cross-border transactions. Leveraging blockchain and stablecoin technologies, it facilitates the swift and secure transfer of large sums across international borders. The integration of Ripple Payments is expected to further enhance the capabilities of this solution, making cross-border payments more efficient and cost-effective. By partnering with Ripple and incorporating its cutting-edge payment solutions, RocketFuel Payment Solutions aims to revolutionize the way businesses conduct transactions. The goal is to create an ecosystem that offers superior, faster, and more cost-effective payment experiences for merchants and their partners. This partnership represents a significant step forward in the world of payment solutions, positioning RocketFuel as a key player in driving innovation in the industry. #proactiveinvestors #rocketfuelinc #otcqb #rkfl #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews

As higher ed institutions continue to evolve to offer more cashless payment solutions, automated clearing house (ACH) payments are becoming more popular. This week, Brad Smith, senior director of industry engagement and advocacy at Nacha, joins FOCUS to discuss the benefits of ACH payments for campus transactions. Learn more about ACH payments on campus, Nacha, and efforts to update the ACH rules for better risk management in the network. What are ACH payments? ACH payments are direct transactions involving a bank account. Most online payments attached to a bank account number are ACH, which allows transactions to be reflected to the account in near real-time. ACH payments are popular with different merchants because of the lower fees compared to other payment methods, reliability, and security. “If you get paid by direct deposit, you know what the ACH network is,” said Smith. In 2022, 30 billion transactions were made through the ACH network totalling $76.7 trillion. Business-to-business payments through same-day ACH saw a 44% growth in 2022, and in the first quarter of 2023 alone, same-day ACH transactions grew by 94% compared to first quarter of 2022. Institution implementation As Smith explains, ACH is most practical when used for large payments. ACH may not make sense for smaller purchases like at campus stores, sporting events, or dining halls. However, opportunities exist for ACH to be used for tuition payments, payroll, and business-to-business payments for accounts receivable and accounts payable. Nacha's role in ACH payments Nacha owns and manages rules for the ACH network. Merchants, also known as ACH originators, enter an originator agreement with their bank, credit union, or third party processor, like TouchNet, to follow a specific set of standards to comply with. New rules are highlighted on the Nacha website (https://www.nacha.org/). For institutions implementing more ACH payment options on campus, Nacha is also working on a suite of tools to help educate students, parents, and vendors on why ACH is a good option. Avoiding fraud According to Smith, risks for fraud in regards to ACH do not vary greatly from other payment methods. The trend now is vendor impersonation. For example, a bad actor will call a staff member acting like a vendor who needs to change banking information. Next thing you know, payments are going to the bad actor instead of the actual vendor. To help, Nacha provides a risk framework for partners that helps merchants address fraud. The first part of the framework are strict rules to set a solid anti-fraud foundation, which now includes a provision to validate transactions without needing to give out routing and account numbers. The second part is the operating guidelines that show merchants how to apply the rules to their processes. Nacha recently rolled out new supplemental data security requirements (https://www.touchnet.com/trends/blog/2021/02/09/nacha-ach-updates-that-will-affect-higher-education-payment-processes) to ensure data is secure while it's at rest. This means that account information is unreadable, deleted, or masked properly any time ACH data is not being used. Third party vendors also held to the same standards as ACH originators to keep security a priority. Best practices As previously stated, the best opportunities for institutions to use ACH to reduce costs and increase efficiencies are for tuition, payroll, and business to business with vendors. Smith believes one of the ways to stay vigilant against fraud is to continue education on the latest trends. This can be managed with an institution's relationship with their bank or processor and completing regular training to stay up-to-date on compliance and fraud trends. There are also different organizations that offer training to colleges and universities on the latest ACH rules, risk courses, and audit courses. Learn more about ACH rules and alleviating risk at www.nacha.org/rules/new (https://www.nacha.org/newrules). Special Guest: Brad Smith.

Jim talks with Bob Reid about identity verification and the financial stack behind his global financial platform Everest. They discuss decentralized user-owned identity, identity as a trillion-dollar opportunity, competing with customers, Know Your Customer, types of identity, the breakout fraud, biometric systems, building societal trust, India's Aadhar system, Justin Trudeau's freeze on protesters' bank accounts, preventing governmental choke points, how to use Everest, the application stack, Facebook's missed opportunity to build identity, the coming fake-identity AI tsunami, real names vs anonymity, levels of verification, preventing exploits, the likelihood of social revolution in Europe, the accuracy of biometrics, the difference between a social graph & identity, paying a contractor with crypto, understanding Automated Clearing House & Single Euro Payments Area, tokenizing securities, why the user needs to control digital identity, and much more. Episode Transcript Everest.org THE Foundation EverWallet metacrisis.xyz Bob Reid is the CEO and co-founder of Everest, a licensed crypto custodian with its own high-speed blockchain, and the world's first global, programmable stablecoin.

Coffee Break Session Host Jason Campbell catches up with Strategic Treasurer's Managing Partner, Craig Jeffery, to discuss the Automated Clearing House. They discuss what ACH is, its use, how it's governed, and what to monitor. Listen in and hear more about ACH.

John Zollinger, Executive Vice President and Director of Commercial Banking at Home Bank, joins Discover Lafayette to discuss the ways you can stay vigilant to fight fraudsters working 24/7 to get access to your financial assets. With over $5 billion in check fraud last year alone, it's an important topic to understand. Banks work diligently to protect their clients' financial holdings. It is a time and energy-intensive challenge and it behooves each of us to be more aware of the ways we can protect ourselves on the front end. Banking has changed dramatically from the days of teaching kids how to open a checking account and write checks. John spoke of the dangers of check fraud and how we should start relying less on paper checks in lieu of online banking solutions.  It has become commonplace for checks to be stolen and then 'washed' by eraser or chemical baths which remove the ink and allow an alteration to the original. While most checks have security features such as watermarks, threads, and holograms, and alterations can look like a third-grader did the task, with one million checks being deposited per month many fakes slip through the cracks. While artificial intelligence is used to forage out fakes, unless a check is made out for over $10,000, it is unlikely to be picked up on. So criminals make up for it in volume, and as John Zollinger says, "the check fraud business is an industry." "Stop writing checks when you can. Writing a check and handing it to somebody is probably still safe and secure. But writing a check and putting it in the mail with the USPS is not secure. There are people who steal mail out of the blue postal boxes. They will duplicate keys to the mailbox and take the mail out or they pick the box up and take the whole thing with them. USPS employees have also been implemented in fraud by stealing checks." John Zollinger is on a mission to educate bank customers and the public about the desirability of using Automated Clearing House ("ACH") transfers for payments to third parties. By making these electronic transfers directly from your bank account, you have a low-cost way to conduct a secure transaction. "ACH is so much cheaper. While it can cost $3 to $5 for every check a business will write (cost of the check, the printer toner, the envelope, the stamp, time involved to mail it, etc.) it costs 10 cents per ACH transfer. ACH transfers clear in a day or two. From a payment perspective and efficiency, you can't beat the ACH process." He also advocates for the "Positive Pay" app, an optional check fraud prevention service for businesses that use online banking. The customer uploads into Positive Pay all issued check data with information on the payee, date, amount, etc. Checks presented for payment against the bank account are compared to the information sent by the business to Home Bank. Any check not on the issued check list is sent back to the client as an exception for review, to either return or approve the item. This gives the business a chance to ferret out fraud or mistakes with ongoing assistance from the bank. "Our ability to serve clients through technology continues to improve. We spend more today on technology than on our facilities. Ten years ago the industry said checks were going away. We said the same thing five years ago, but checks are still here. I don't know if they'll ever go away unless banks say they won't continue to offer that service. Zelle, Venmo, and other cash-trading apps are very secure. They can be trusted. Especially Zelle which was created by Wells Fargo. But there is no practical difference between Zelle and Venmo." John recommends that you should be leery of almost anything and everything that comes into your email inbox with a link to click. Don't automatically trust emails as that is where hackers come in. You can head off almost anything insofar as a financial loss by taking your time to investigate the message.

Hey, this is Allen with the B2B Vault Podcast here with another episode. Today we're going to talk about ACH automated clearing house, or sometimes referred to as ACH. This is a great way for businesses to lower the cost of credit card processing by offering credit cards and ACH. It's popular now to add a fee to your credit card processing. Even in the B2B world or in other types of businesses where you're collecting a large payment from somebody and it's 2% or 3% to process your credit card. We'll process your ACH for free or even try to push many of your clients to do ACH versus a credit card. And this is a great way to lower the cost. The overall cost that you're paying with credit cards. We help you because we're consultants here at nationwide payment systems and the payment advisory board. And, you know, we take a look at everything that you're doing in your business. And we check like, oh, how many transactions are you doing? How much business are you doing? How many people are mailing you checks and things like that? And try to show you how we can help you set up a payment portal on your website. This payment portal allows people to come in and then make a choice. Do I want to pay with a credit card or do I want to pay with ACH? This is a great way for businesses to lower their costs when it comes to accepting different types of payments today. I always tell business owners, one of the things I'm going to talk about is, you know, how businesses need to adapt more to the consumers. Consumers want to pay in all different kinds of ways. So business owners need to adapt to that. They need to change what they're doing. Don't just say, oh, I only take credit cards, right? You know, take a, you need to take ACH. There are other alternative payments that you can, that you can take in your business.

We love ACH! ACH Stands for Automated Clearing House. It's essentially a transfer from one bank account to another. It is our preferred way for clients to pay us. We used to accept many forms of payments, but in the last two years we moved to ACH and we love it. We get paid faster, there is less admin work, and there are minimal fees. We use Quickbooks to set up ACH payments and bill clients. It's a simple process that requires you to connect your bank account to Quickbooks one time. Then, when you want to get a client on ACH you ask for your client's account information to make the transfers. QuickBooks does all the work by drafting the client's bank account every month and sends them a sales receipt for their records. It's a win-win. — Erik J. Olson is an award-winning digital marketer & entrepreneur. The Founder & CEO of Array Digital, he is also the host of the Journey to $100 Million Flash Briefing and daily podcast, and the organizer of the Marketers Anonymous monthly meetups. — Kevin Daisey is an award-winning digital marketer & entrepreneur. He started his first company when he was just 23, and is the Founder & CMO of Array Digital. Kevin is also the co-host of the Journey to $100 Million Flash Briefing and daily podcast, and the co-organizer of the Marketers Anonymous monthly meetups. — For more information on the show, and to check out past episodes, go to journeyto100million.com!

We love ACH! ACH Stands for Automated Clearing House. It's essentially a transfer from one bank account to another. It is our preferred way for clients to pay us. We used to accept many forms of payments, but in the last two years we moved to ACH and we love it. We get paid faster, there is less admin work, and there are minimal fees. We use Quickbooks to set up ACH payments and bill clients. It's a simple process that requires you to connect your bank account to Quickbooks one time. Then, when you want to get a client on ACH you ask for your client's account information to make the transfers. QuickBooks does all the work by drafting the client's bank account every month and sends them a sales receipt for their records. It's a win-win. — Erik J. Olson is an award-winning digital marketer & entrepreneur. The Founder & CEO of Array Digital, he is also the host of the Journey to $100 Million Flash Briefing and daily podcast, and the organizer of the Marketers Anonymous monthly meetups. — Kevin Daisey is an award-winning digital marketer & entrepreneur. He started his first company when he was just 23, and is the Founder & CMO of Array Digital. Kevin is also the co-host of the Journey to $100 Million Flash Briefing and daily podcast, and the co-organizer of the Marketers Anonymous monthly meetups. — For more information on the show, and to check out past episodes, go to journeyto100million.com!

ACH Transfers: How They Work People Question #14 An ACH transfer also known as Automated Clearing House is an electronic money transfer between banks that allows money to be pulled from an account or to be ‘pushed’ online to accounts at other banks. An ACH transfer is one of the main ways to send or […]

ACH Transfers: How They Work People Question #14 An ACH transfer also known as Automated Clearing House is an electronic money transfer between banks that allows money to be pulled from an account or to be ‘pushed’ online to accounts at other banks. An ACH transfer is one of the main ways to send or […]