Today, Nacha introduces the Nacha Corporate Experience, a new way of demonstrating how businesses can more effectively exchange payments and information. Through a pairing of standards and advanced technology, the Nacha Corporate Experience shows how to simplify the pre-payment and post-payment processes for businesses, allowing for a fast, simple and standard end-to-end transactional experience.
“With B2B payments, oftentimes it is not the payment itself that serves as the point of friction, but the ‘pre-payment’ and ‘post-payment’ processes that are most challenging,” said Jan Estep, president and CEO of Nacha. “With the Nacha Corporate Experience, we are highlighting standardized and comprehensive offerings that solve for these challenges, improving the overall corporate payments experience for today’s businesses.”
The Nacha Corporate Experience is comprised of different solutions that when used together improve the end-to-end electronic payment and remittance process for businesses-to-business payments. Currently, the Nacha Corporate Experience includes the Business Payments Federated Directory, which leverages blockchain technology to address supplier onboarding challenges. Through the Directory, businesses can obtain, maintain and exchange accurate and compliant payment information improving confidence for buyers and cash application processes for suppliers.
The Nacha Corporate Experience also includes the Nacha Remittance Validator. The Remittance Validator, developed in collaboration with HighRadius, allows buyers to validate the accuracy of B2B payment remittance formatting for each of their suppliers, improving the supplier’s cash application process and the rate of straight-though processing.
Additionally, the Nacha Corporate Experience leverages Afinis Interoperability Standards application programming interfaces (APIs). Afinis is Nacha’s member-led organization that is advancing financial industry standards, including API standards and other financial services standards, across the U.S. and globally. By leveraging a standardized API, businesses can minimize the number of proprietary connections to different financial institutions or networks, reducing costs and resources and ensuring certainty and consistency for all participants.
“We’ve worked diligently with industry partners to develop and deliver the Nacha Corporate Experience to the financial services industry,” said Estep. “Solutions like these help meet the needs of the industry and serve as powerful tools to improve efficiency, automate processes, and advance interoperability.”
To learn more about the Nacha Corporate Experience, visit nachacorporateexperience.org. View a video to learn how the Nacha Corporate Experience can help businesses simplify the pre-payment and post-payment processes.