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NACHA introduces payment cycle pilot program
WASHINGTON (8/27/10)--NACHA, The Electronic Payments Association, earlier this week announced that it has launched a pilot program that will allow credit unions and other financial institutions to “truncate low-value consumer checks and collect them as ACH debits.” NACHA said that it structured the pilot program, which will go on for a minimum of 18 months, “to identify and quantify cost savings for both originating and receiving financial institutions.” NACHA President/CEO Janet Estep said in the press release that the program could “transform the collection of low-value consumer checks by removing them from the payment cycle at the point of deposit.” The association will monitor the progress of the program and may follow it up by establishing a full program. Six financial institutions had signed up for the program at the time of the release. NACHA told News Now that while there are no credit unions currently enrolled in the program, it is actively encouraging credit unions to take part. For the full release, use the resource link.
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