US-based payment system company Nacha has announced that the USAA Federal Savings Bank has joined its organisation as a Direct Member. Following this announcement, Nacha has 45 Direct Members, which consist of financial institutions, banks, and Payment Associations.

The partnership with USAA is set to enable Nacha to continue the process of developing and improving the modern ACH Network. The Nacha Direct Members are given the possibility to vote on proposed Nacha Operating Rules, as well as to contribute ideas, recommendations, and plans to keep the modern ACH Network useful for their clients and partners. Furthermore, Direct Members are enabled to nominate, serve, and elect on Nacha’s Board of Directors.

This was designed to provide strategic guidance related to the ACH Network and the overall governance of Nacha as an industry association. Direct Members also are allowed to participate in Nacha committees and workgroups, while being regularly updated on the latest payments-related matters through newsletters and webinars. Nacha’s strategy of development US-based Nacha governs the ACH Network payment system which provides customers, businesses, and partners with secure, fast, and efficient Direct Deposits and Direct Payments solutions.

The products were designed to reach multiple banks, financial institutions, and credit union accounts across the region while accelerating the process of improving the overall payments system. Nacha announced several collaborations and product launches in the last couple of months, covering different geographical areas around the world. In July 2023, the company reported that Same Day ACH transfered USD 1,2 trillion in the ACH Network, improving the manner in which the service meets the nation’s needs and preferences for faster and more secure payments.

According to the press release published at the time, for the first half of 2023, the overall growth of the ACH Network continues in the second half of the year as well, with services such as emergency and unscheduled payrolls, insurance claim payments, business-to-business (B2B) payments, or account transfers representing a part of the results. Earlier in the same month, Nacha announced that it set to make upgrades to its risk management portal, which should include more users and customers for financial institutions. The changes were set to be made later in the summer of 2023, and it is supposed to provide a new look for the portal, as well as other offerings and capabilities.

One of the mentioned feature upgrades represented the ACH Contact Registry, which was set to include other areas such as checks, wires, and cards. The company also announced that the first changes were scheduled to be made in mid-August. .