Nacha has introduced its Corporate Experience, which it describes as a 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 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 standardised 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 (B2B) payments. Currently, the Nacha Corporate Experience includes the Business Payments Federated Directory, which uses 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.
Also included is the Nacha Remittance Validator, developed in collaboration with HighRadius. This 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 organisation for financial industry standards, including API standards and other financial services standards, across the US and globally. By leveraging a standardised API, businesses can minimise the number of proprietary connections to different financial institutions or networks, reducing costs and resources and ensuring certainty and consistency for all participants.
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