NACHA said its pilot project to test web-based payments to retailers and billers will begin early next year and run 12 months. Officials with the electronics payments association said at a conference call last week they expect to sign up most of the participating financial institutions, merchants and billers by Aug. 30.
The group, which sets the operating rules for Automated Clearing House payments, said it plans to set fees for pilot transactions, similar to interchange fees charged in card transactions.
Under the system, NACHA expects the bank or CU sponsoring the merchant or biller to pay the consumer's bank or CU. Participants would have to use multi-factor authentication for transactions. Consumers would be able to make online payments and transfer funds between accounts by logging on to their bank's or CU's online banking program. Merchants would be notified of the transfer of funds, then ship the goods.
