News

NACHA's payment pilot to launch in early '07

April 20, 2006

Digital Transactions: NACHA's long-expected pilot project to test Internet payments to retailers and billers is expected to launch early next year. The pilot will run for 12 months. NACHA officials expect to sign most participating banks, merchants and billers by Aug. 30, 2006, though the pilot will accept additional participants after that date.

NACHA, which establishes the operating rules governing ACH transactions, officially announced the new e-commerce payment type last month and launched a drive to recruit Internet retailers, billers, online brokerages and originating and receiving banks for the pilot. NACHA expects to set fees for pilot transactions that resemble interchange fees.