The Request for Payment program leverages the ISO 20022 message standard to enable businesses of all sizes to send electronic invoices and receive corresponding payment and remittance through the ACH Network. The program, which is voluntary, provides for consistency in process across enterprise applications and platforms, creating efficiencies, increased control, and cost savings.
The ACH Network is a robust payment system offering functionality and flexibility for corporate payments. It allows for the transfer of monetary transactions or “zero dollar” message transactions. It can support the transmission of almost 10,000 addenda records with payment. Additionally, the Network can process transactions next day or even same day when a faster transaction is preferred.
The Request for Payment program is available to any business. To participate, businesses will need to download and view the Request for Payment Program rules and agree to them by referencing them within existing trading agreements.
The Electronic Payments Association is the steward of the ACH Network. The ACH Network enables innovation by universally connecting all the US financial institutions, and moving money and information directly from one bank account to another.
In 2016, there were 25 billion ACH payments made that moved USD 43 trillion. NACHA also brings together diverse organizations to develop rules and standards to benefit payments ecosystem participants, including Electronic Benefits Transfer (EBT) and healthcare Electronic Funds Transfer (EFT). By collaborating with other standards organizations and geographies, NACHA facilitates compatibility and integration with the US payments. Visit nacha.org for more information.
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