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Meeting Summary: August Virtual Pop-Up Meeting

 

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Table of Contents

  • Sessions Digest 
  • Project Team Updates
  • Featured Video
  • Next Member Meeting

 Discussing the effects of the COVID-19 pandemic on payments

The Payments Innovation Alliance successfully held its first-ever Pop-Up Meeting in August. And in keeping with the interesting times we are now living in, it was – of course – all virtual. More than 185 payments industry movers and shakers representing 110 member organizations – including financial institutions, solution providers, and financial regulators – met online to discuss changing business conditions, the shifting payments landscape, and the new opportunities that lie ahead due to the COVID-19 pandemic.

The Virtual Pop-Up Meeting was an additional member benefit, given that the Alliance has not met as a whole since its in-person meeting in Las Vegas in February. COVID-19 has changed how we all perform day-to-day activities, and the payments industry – and Alliance meetings, in particular – have had to adjust as well.

The key topics discussed focused on how payments of all varieties (electronic, contactless, Same Day, real-time and more) have fared during the pandemic. The Pop-Up Meeting included six action-packed sessions that dissected what the “new normal” means for the payments industry, businesses and consumers.

This meeting summary will provide a quick digest of what was discussed in the sessions, an update on the Project Teams, and what’s ahead for the Alliance.

Session Digest

  • Even During a Pandemic, the ACH Network Delivers
    Representatives from The Clearing House, the Federal Reserve, and Nacha discussed how the ACH Network performed in the first half of the year - leading up to the pandemic and during the national emergency when it was called upon to deliver large-scale assistance to millions of America’s consumers, businesses, governments and nonprofits. 

Read more

 

Project Team Updates

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Project Teams Are the Heart of the Alliance

Through Project Teams, members collaborate to influence existing and emerging payment trends, drive change, remove barriers and support innovation. Deliverables from Alliance initiatives include creating resources and tools, developing best practices and testing proof of concepts – ultimately shaping the future of payments.

Alliance Project Teams are the perfect avenue for payments professionals to showcase their expertise and participate in industry-advancing activities.

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Cybersecurity Response Plan

Just in time for the Virtual Pop-Up Meeting, the Project Team issued “COVID-19 Best Fraud Prevention & Cybersecurity Practices.” The resource is designed to identify various cybersecurity threats, and provide best practices on risk assessments and how to respond.

Download the resource 

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Conversational Payments

This Project Team will publish its first executive briefing “Voice Payments: An Introduction and Overview” later in September, with the goal of providing thought leadership on voice payments with short, timely and easily digestible resources. A second executive briefing, planned for November, will provide a deep dive into the technology behind voice payments.

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Faster Payments Playbook

Previously, the team published the Faster Payments Playbook and Faster Payments 101 for financial institutions. Currently, the team is developing an interactive resource for corporates. Work is progressing on the tool, which will include information related to faster payments governance, potential adoption pain points, and beneficial attributes. Its launch date is set for early 2021.

Visit FasterPaymentsPlaybook.org

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ACH Quick Start

This Project Team has already developed an interactive online tool to help businesses understand how they can use ACH to enable B2B payments. It is currently finalizing content to allow it to build a second interactive tool to help small and medium-sized businesses more readily understand how they can use ACH to make and receive B2C payments for a variety of use cases. The goal is to release the second tool by the end of the year.

Visit ACHQuickStart.org

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ACH for Developers

The Project Team has completed most of the content for the interactive guide, and is currently in the process of building the resource to help developers who need to code to the Nacha Operating Rules format, but are not Rules experts. Content includes file formats, scenarios for using specific data elements, and information on where to find additional details in the Rules. The resource is scheduled to launch by November.

Join a Project Team

Featured Video

 

  Alliance Testimonials

The Alliance is designed to bring together diverse stakeholders to support payments innovation. Members include financial institutions and corporates of all sizes, solution providers, regulators and more. Share the video, which shows Alliance members championing the benefits of membership. 

 
 
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Next Member Meeting: Nov. 4-6

MEMBER PATRONS

Supporting an event at an Alliance meeting delivers a strong message to others that your company is a dedicated leader in the electronic payments arena. If you are interested in being a sponsor and seeing how you can feature your organization at the November 2020 meeting, please contact Holly Price at hprice@nacha.org or 703-561-3960 for more details and a patron prospectus.