NACHA Adopts New Payments Standards ForB2B Transfers

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ALEXANDRIA, Va. - (10/07/05) -- NACHA, the electronic paymentsassociation, said Thursday it has adopted the Universal PaymentIdentification Code, or UPIC, to conduct electronicbusiness-to-business payments. UPIC is a unique bank or creditunion account identifier that allows companies to receiveelectronic payment without disclosing their banking information.UPICs are for credit payments only, protecting accounts fromunauthorized debits, checks and demand drafts. UPICs were developedby the Electronic Payments Network, the ACH business of TheClearing House Payments Co. LLC.

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