National Automated Clearing House Association recognizes innovative Same Day ACH to fund merchants faster
BURLINGTON, Mass., May 8, 2019 /PRNewswire/ -- Aliaswire, Inc., a leading, payments processing technology innovator, has won the National Automated Clearing House Association's (NACHA) 2019 ACH Network Challenge Award. The company received the award Tuesday at NACHA's Payments 2019 event being held in Orlando, FL.
Scott Goldthwaite, president of Massachusetts-based Aliaswire said the company is honored to be presented with the award. "Once again, Aliaswire has been recognized for our innovation in the Payments Industry. The recognition we are receiving aligns with and supports the rapid growth stage that the company is currently experiencing," he said. Just a week before, Aliaswire won the 2019 Electronics Transaction Association's (ETA) Technology Innovation Award for its PayVus platform.
NACHA's ACH Network Challenge is part of the not-for-profit organization's efforts to move its (Automated Clearing House) electronic funds-transfer network from single, next-day settlement to multiple, same-day and next-day settlement options that would be available for virtually any ACH Network transaction. NACHA is the administrator of the ACH Network and is responsible for setting and enforcing operating rules, by which users of the global ACH Network must abide.
The goal of the challenge was to foster ideas on new ways to enable usage for Same Day ACH capabilities within the payments' ecosystem. Aliaswire presented a winning solution that is integrated into its own advanced payment system.
Aliaswire was awarded for use of the Same Day ACH credit process to speed payments to merchants. With PayVus, merchants can move funds between their PayVus MasterCard business credit card and their Demand Deposit Account (DDA) using the cost-effectiveness of the Same Day ACH rails. The PayVus platform comes with a traditional, revolving line of credit and is also funded by the merchant's card processing receivables.
Aliaswire provides a revenue share to the ISO/Acquirer from interchange generated when merchants make purchases with the card. ISOs and Acquirers can use the revenue share to reduce merchant processing fees.
"With same-day ACH, merchants have faster access to their funds, and it provides the bridge between receivables and payables," Goldthwaite said.