Artuji

Nacha, the US electronic payment clearing organization, has proposed changes in the rules that would affect Internet-Initiated Entries including ACH debits that are authorized and initiated via mobile networks.

This means that because of these proposed Nacha rules, it would now be possible to securely do electronic funds transfer from one bank account to another through a smart phone.

If Nacha is granted the permission to implement the new rules, mobile payments and transfer will become much more secure, safe and cost effective.

In a press statement, Nacha explains:

Because Nacha does not anticipate that this rules proposal will require major software changes, the industry should have sufficient time to prepare for compliance with the provisions of these proposed rules.

Nacha is now waiting for financial institutions embrace their proposal.

Related searches:
nacha, ach payment, automated clearing house, the electronic payments association