Nacha launches resource guide for voice payments

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Nacha’s Payments Innovation Alliance has created a legal and risk mitigation resource guide for financial institutions looking to add voice payment capabilities, according to a press release.

This will allow businesses to securely implement voice payments with smart devices like Amazon Echo and Google Nest. The release says it will provide information on why the terms and conditions are important, as well as information on use cases and best practices for avoiding risk.

“‘Voice Payments: Contractual Considerations for Financial Institutions’ provides important guidance for banks and credit unions looking to offer conversational payment options,” said Jennifer West, Senior Director, Payments Innovation Alliance at Nacha. “This guide includes sample language for consideration by legal counsel and compliance personnel.”

See also: Nacha Increases Per-Payment Limit for Same-Day ACH to $1 Million

PYMNTS wrote that Nacha’s Same Day ACH raised its payout limit to $1 million effective March 18.

The higher threshold will enable new use cases and expand existing ones, such as vendor and vendor payments for businesses, insurance claims, tax payments, and payroll funding.

Nacha manages the administration and governance of the Automated Clearing House network, the electronic system working on the transfer of money in the United States

Jane Larimer, President and CEO, said Same Day ACH’s growth has been “phenomenal” and faster payouts have been a plus.

She said Nacha had been asking for a while to raise the dollar limit.

“Two years ago it successfully went to $100,000,” she said. “Now Nacha, ACH operators, and banks and credit unions across the country are responding to the need for a $1 million limit.”

According to the release, the changes to the ACH network are being made by working alongside the two ACH operators, the Federal Reserve and the Clearing House.

According to Cheryl Venable, executive vice president and chief payment operations officer for Federal Reserve Financial Services, the new limit is necessary because it shows how the network is “evolving to meet market needs and support innovation.”

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