“NACHA appreciates the participation from solution providers, financial institutions, and industry strategic thinkers, all of whom have found innovative ways to further advance electronic payments,” said Jane Larimer, Chief Operating Officer of NACHA. “The NACHA Payments Awards are very competitive, and each Award draws an excellent turnout of candidates every year. It is our honor to recognize the best of the best.”
(The) ACH Network Challenge 2019
The ACH Network Challenge 2019 is a team competition designed to foster new ways to enable usage for Same Day ACH capabilities within the payments ecosystem. This year’s ACH Network Challenge invites teams to submit original ideas on how one would use, or enable others to use, Same Day ACH to pay or be paid faster. Finalists are competing to win up to $25,000 in prize money.
Finalist teams are:
Team Aliaswire
In a two-pronged solution, Aliaswire operates a multi-tenant biller direct platform that allows billers (for rent, homeowners association dues, insurance, and other consumer finance payments) to configure Same Day ACH for bill payments done using a DDA account. Separately, merchants (especially small businesses) would have the ability to move funds between their card and DDA account using Same Day ACH.
Team ExCheQ
ExCheQ has designed an application that allows a secure transaction between the payer’s financial institution and the recipient’s financial institution with no third-party holding accounts or credit cards involved. Depending on the time of the transaction, the transaction can be near real time using Same Day ACH processing. Notification is instant with text and email, and settlement can be minutes later with Same Day.
Team Today Payments
Today Payments proposes targeting real estate-related transactions. While millions of homes and commercial property are sold each year in the U.S., almost no sales occur directly between a buyer and seller. Instead they involve the use of third-party brokers, escrow, lenders, and others. Currently personal checks, corporate checks, wires and cashier’s checks dominate the real estate Industry. However, Same Day ACH would eliminate the involvement of third parties in many of these payments.
ACH Network Challenge finalists will present their proposals on Monday, May 6, at PAYMENTS 2019.