Nacha Debuts Resource Guide for Voice Payments

Nacha’s Payments Innovation Alliance has made a legal and risk-mitigation resource guide for financial institutions that want to add voice payments capabilities, a press release said.

This will let companies can safely implement voice payments with smart devices like Amazon Echo and Google Nest. The release said it will provide background on why Terms & Conditions are important, along with information on use cases and best practices for beating risk.

“‘Voice Payments: Contractual Considerations for Financial Institutions’ presents important guidance to banks and credit unions seeking to offer conversational payment options,” said Jennifer West, senior director, payments innovation alliance at Nacha. “This guide includes sample language for legal counsel and compliance staff to consider.”

See also: Nacha Raises Per Payment Limit for Same Day ACH to $1M

PYMNTS wrote that Nacha’s Same Day ACH has raised its per payment limit to $1 million as of March 18.

The higher threshold will allow new use cases as well as expand existing ones, like vendor and supplier payments for businesses, insurance claims, tax payments and payroll funding.

Nacha manages the administration and governance of the Automated Clearing House network, the electronic system working on moving money in the U.S.

Jane Larimer, president and CEO, said the growth of Same Day ACH has been “phenomenal” and the faster payments were a benefit.

She said Nacha has had requests for some time to increase the dollar limit.

“Two years ago, it very successfully went to $100,000,” she said. “Now, Nacha, the ACH operators, and banks and credit unions across the country are meeting the need for a $1 million limit.”

According to the release, the ACH Network changes are made by working alongside the two ACH operators, the Federal Reserve and The Clearing House.

According to Cheryl Venable, executive vice president and chief of payments operations for Federal Reserve Financial Services, the new limit is needed because it shows how the network is “evolving to meet market needs and support innovation.”