NACHA, the Electronic Payments Association, have announced the launch of their NACHA Challenge, a competition that it hopes will identify ways in which ACH payment processing end-user experience can be improved – filling market gaps, and removing existing friction points.
The NACHA Challenge is open to teams from across academic institutions, non-profit organisations, corporations, think tanks, financial institutions and payment solution providers, who are looking to innovate within the payments space.
Teams will have the opportunity to compete for two prizes – the $15,000 Judges’ Choice and the $10,000 Audience Choice prize. Finalists of the competition will be invited to present their ideas at this year’s PAYMENTS 2016 conference, taking place in Phoneix, Arizona, in April this year.
“New technologies and business processes, and evolving customer behaviour and expectations are transforming the payments industry,” said Senior Vice President of Association Services at NACHA, Scott M. Lang
He added that “Thus, we are challenging the marketplace to propose new approaches and solutions that could further improve the ACH end-user experience and enable even more consumers, businesses and governments to use and benefit from ACH payments.”
All submissions to the NACHA Challenge need to be received before 3pm ET on Friday, March 25th, 2016.
The winners of both prizes will be announced at the end of the PAYMENTS 2016 Awards Luncheon, which recognises innovation throughout the wider payments sector.