Nacha forms mobile banking work group
13 December 2007 | 6589 views | 0
US electronic payments association Nacha has formed a new work group that will develop an ACH payment platform strategy and guidelines for mobile banking.
The new group - which include participants from across the industry recruited from Nacha's councils - will work under the leadership of the Association's Internet Council Assess the Nacha operating rules for the accommodation of mobile banking and payments;Identify authorisation and authentication considerations;Identify unique security characteristics and requirements;Assess systemic opportunities and barriers in the ACH Network.
The m-banking work group will initially focus on four primary objectives:
"It is important to take the lead and assess how mobile transactions flow, determine the risks and returns, and review the rules and guidelines to protect the quality and reputation of the ACH Network," says Steve Ellis, EVP, Wells Fargo Bank and chair of Nacha's board of directors.
"Nacha members are well-suited to address the questions and challenges that are raised in mobile banking and ACH payments applications," adds Ellis. "They understand that the key driver of any mobile platform is functional inter-operability led by security, authentication, and authorization standards that will meet the needs of all the stakeholders in the transaction."
Devon Marsh, VP and risk manager for electronic services at Wachovia Bank and chairperson of the new work group, says: "There is real opportunity here to build a common set of strategic principles and tactical guidelines through a consensual industry effort that will enable mobile banking and ACH payment applications."