LOS ANGELES - NACHA - The Electronic Payments Association plans to develop operating rules and best practices for Internet transactions that use the Automated Clearing House (ACH) Network for payment. The association hopes the initiative will lead to the greater use of the ACH Network as a payment method for e-commerce transactions. Kevin O'Brien, chairman of NACHA and executive vice president of Chase Bank of Texas, and Elliott McEntee, president/CEO of NACHA made the announcement during NACHA's recent "Payment 2000" annual conference held here. To develop the rules, NACHA has formed a work group that will examine issues such as payment authorization, authentication, fraud deterrence, payment system risk, and minimum security standards for Internet-initiated ACH payments. The review is expected to be completed by September. NACHA's Internet Council will simultaneously develop an industry best practices guideline.
NACHA to develop e-commerce payment rules by the fall
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