When planning a project, construction firms have a goal to shoot for to demonstrate environmental bona fides, namely the various LEED certifications.

PayItGreen, a group led by NACHA, is planning a similar move-introducing the "PayItGreen Seal of Approval."

The seal will identify organizations that have made inroads in removing paper from processing, statements and bills. Businesses and financial institutions that are awarded the seal of approval will have met specific criteria in their commitment to remove paper to a degree that has resulted in a positive impact on the environment.

Networking and evaluation is also part of the NACHA initiative. A Seal of Approval Program will connect interested organizations with Seal of Approval distributors. The distributor is responsible for processing the request for the seal and directing the interested organization to a survey to evaluate paper suppression efforts in the areas of payments, statements and bills.

If the applying organization meets the criteria outlined in the survey, the distributor will provide the seal of approval for the organization to use. The survey gauges a company's deployment and adoption of electronic financial transactions and data movement, such as direct deposit, direct payment and electronic billing. Applicants are scored on their responses to a series of questions designed to determine the scope of the organizations progress in developing automated commerce. The scores are tabulated immediately, and the company is notified in real time if it has been approved for the NACHA seal.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.