Robert Unger

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The Automated Clearing House (ACH) Network has the flexibility to accommodate XML-formatted payment remittance records in the same manner that it currently transmits EDI-formatted records, according to NACHA - The Electronic Payments Association. NACHA develops operating rules and business practices for the ACH network. ACH payments include direct deposit of payroll, Social Security benefits and tax refunds, direct payment of consumer bills (preauthorized checking account deductions), B2B payments, federal tax payments, and, increasingly, e-check and e-commerce payments. In 2001 there were almost 8 billion ACH payments made worth $22.2 trillion. B2B Payments and Remittance in ACH Network More than 20,000 financial institutions are connected to the ACH network. As B2B e-commerce continues to grow, corporations are increasingly using the ACH for payment transactions. ... (more)