The Electronic payments Association (NACHA) announced the formation of a task force to develop recommendations on the infrastructure, technology and business requirements and operating rules necessary to ensure the continued success of the Automated Clearing House (ACH) payment network.
The task force, which is called Next Generation ACH, will be chaired by Leonard J. Heckwolf, senior vice president of Bank One, and examine issues such as same-day and real-time payment processing, universal Web-access incorporating XML standards, authentication services and new e-commerce applications. Other task force members include representatives from Sun Trust Bank, J.P. Morgan Chase, First Union National Bank, T. Rowe Price and WesCorp Federal Credit Union.
The task force will produce a draft report by September, which will be considered by NACHA's Board in November.
The Next Generation ACH study asks a simple question: What changes need to be made to the ACH network to meet the future payment needs of financial institutions and their customers," said Janet C. Boyst, chair of NACHA's Board of Directors and senior vice president and group executive at Wachovia Bank. "I expect the answer to that question to be quite complex."
The Technology Group for the Financial Services Roundtable (BITS) has released a guide for consumers looking to learn more about online account aggregation.
The guide, entitled "The BITS Guidelines for Aggregation Services," established a framework for accelerating the adoption of popular new financial aggregation services in ways that are safe, sound, private and secure.
The guide was created by the BITS Aggregation Services Working Group, which identified and categorized many of the opportunities and risks involved with the aggregation process, including business rules and security procedures.
To obtain the guidelines, contact BITS at www.bitsinfo.org
The Risk Management Association (RMA) announced that Federal Reserve Board Governor Laurence H Meyer will deliver the keynote address at its annual conference on Capital Management to be held in Washington D.C. at Loews L'Enfant Plaza Hotel from May 16 to 18.
Meyer will discuss how federal risk management is practiced today, and how the Federal Reserve views its role as the regulator of large complex financial institutions within the context of changes brought about by the Gramm-Leach-Bliley act.
The conference will also include a panel discussion by top risk management professionals from major financial institutions and a session devoted to changes in the Basel Accord.
For more information, contact the RMA at www.rmahq.org.