During this unprecedented time of widespread disruption and uncertainty brought about by COVID-19, NEACH’s mission and commitment to serve the needs of its members and to represent and advocate for you at the national level continues unhindered. Although our team is working from home, we are carrying on with business as usual, and that means our members remain our top priority.
While much of the nation remains under a stay-at-home mandate, the work of representing and advocating for you continues. We partner with organizations like Nacha, the Fed, the Faster Payments Council, and others at the national level on behalf of our members.
For example, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), enacted into law on March 25, 2020, contains provisions to deliver over $2 trillion in liquidity to support the economy. The legislation provides for “2020 Recovery Rebates,” for most Americans. On April 15, more than 80 million stimulus payments made their way into Americans’ bank accounts via Direct Deposit.
As payments traversed the ACH Network and began to hit customers’ accounts, NEACH staff were at the ready, answering the Payments Hotline and members’ questions as they arose. NEACH also created “Economic Impact Payments (EIP) FAQs” and a “Risk Management and Compliance Implications” resource, both of which are available on the COVID-19 Information page on the NEACH website.
As you are aware, NEACH is a founding member of the Faster Payments Council (FPC), an industry-led member organization, established so Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. Although the FPC canceled its March members' meeting for the safety of its members and their families and to comply with social distancing requirements, they are continuing their work. They will be hosting two virtual town halls for members, one in May and one in June. NEACH executive vice president of payments innovation, Joe Casali, AAP, NCP, will be actively participating in these town halls, representing our members and their interests
Senior vice president of operations for NEACH, Sandy Ortins, AAP, APRP, NCP, is also staying in the know as an active participant in Nacha’s Rules Work Groups. As you know, the Same Day ACH dollar limit per transaction increased from $25,000 to $100,000, paving the way for more B2B transactions. According to its news release, “Nacha estimates 97% of all ACH B2B payments are now eligible for Same Day ACH, compared to 91% under the previous $25,000 per payment limit.” Sandy is available to answer members’ questions via the Payments Hotline at 855-NEACH-QA or in the Members Corner forums.
For my part, I continue to represent NEACH and its members on several national initiatives, including Nacha's Risk Management Advisory Group (RMAG). Areas of focus during this time include the CARES Act and a related rise in fraud scams. Collectively and individually, we are working to ensure banks have the information they need to help minimize their risk in this new fraud environment. You will find a list of potential fraud threats on the Nacha website.
These are just a few examples of how NEACH is representing and advocating for its members at the national level. Our work on our members' behalf continues without interruption. During this challenging time, as you take care of your members and customers, NEACH continues to represent and advocate for you.
Stay safe. Our thoughts are with you and your loved ones.