NACHA is turning its attention to mobile payments. In an announcement last week, the electronic-payments association that manages the operations and governs rules of the automated-clearing-house (ACH) network put in motion a mobile-banking working group tasked with developing an ACH payment-platform strategy for mobile banking. The working group, formed under NACHA’s Internet Council, will sort out technical details of how mobile devices will access the ACH network, and vet what may be required for authentication, security and NACHA operating-rules adherence by payments players.
“There is real opportunity here to build a common set of strategic principles and tactical guidelines through a consensual industry effort that will enable mobile banking and ACH payment applications,” says Devon Marsh, vp and risk manager for electronic services at Wachovia Bank and chairperson of the working group.
