HERNDON, Va.–Royal Credit Union is one of three finalists for the NACHA Challenge from NACHA—The Electronic Payments Association.
The NACHA Challenge is a team competition to foster new ways to improve the ACH end-user experience by filling market gaps or removing friction points. More than two-dozen teams from corporates, solution providers, financial institutions and other innovators, thinkers and practitioners submitted proposals for consideration.
Finalist teams will compete for a $15,000 Judges’ Choice and $10,000 Audience Choice prize. The teams will present their proposals at the PAYMENTS 2016 conference taking place April 17-20 in Phoenix.
Teams were asked to identify a gap or friction point related to the ACH end-user experience, describe the solution or approach to address it, and indicate who will benefit and how. Finalist teams and their proposals include:
- “Team Real Time Royals” – a real-time application program interface (API) to allow financial institutions and merchants to validate transactions via the ACH Network in real time. Proposal submitted by Royal Credit Union, Eau Claire, Wis.
- “Team ClearXign” – a back office operations solution to allow businesses to make payments using the ACH system without sharing, storing and managing account information. Proposal submitted by MineralTree in Cambridge, Mass.
- “Team Curmudgeon” – create a new Standard Entry Class Code to identify securities transactions to allow for faster settlement. Proposal submitted by United Bank in Charleston, W.V.
The finalist teams will present their proposals for the Judges’ Choice prize to a panel of judges on Monday, April 18, on the Exhibit Hall Floor at PAYMENTS 2016. On Tuesday, April 19, audience members at the 2016 NACHA Payments System Awards Luncheon will have the opportunity to cast their votes for the Audience Choice prize.