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NEWS RELEASE
Media Contact:
Electronic
Payments Movement Comes Together on New Web Site
www.electronicpayments.org is One-Stop
Informational and Educational Site for the Many
Forms of ACH-based Payments
HERNDON, Va. – April 3, 2006 –
The world of electronic payments is gaining great
momentum. Most Americans are now exposed to some
type of electronic transaction when getting paid,
making purchases or paying their bills. In fact
recent data published by the Federal Reserve Banks
predicted that by next year, the Fed’s ACH volume
would equal its check clearing volume.
With this in mind, an industry
group, led by NACHA, has launched a new, interactive
Web site to educate consumers about the benefits of
using electronic payments. The Web site,
www.electronicpayments.org, contains information
on Direct Deposit and Direct Payment and also
defines check conversion and discusses how it
differs from other types of electronic payments. In
anticipation of Direct Deposit and Direct Payment
Month in May, the Web site goes live at the
beginning of April.
“Our new Web site will make it
easier for consumers and companies to understand the
benefits of moving to electronic payments,” said
Mark Tizzard, Vice President of Strategic Migration,
Wachovia Bank, and 2006 Chairman of NACHA’s
Marketing Management Group**. “This Web site was
designed for the interested consumer, yet also
provides robust information for businesses and
financial institutions. It is a one-stop location
for all ACH payment information.”
The site has dedicated
sections for consumers, businesses and financial
institutions including the following information:
For Consumers:
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A virtual
demonstration of how Direct Deposit, Direct
Payment and check conversion work.
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A sample fact sheet
to use to convince employers to offer Direct
Deposit.
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Information on how
to sign up for Direct Payment.
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Instructions on how
to identify check conversions on bank
statements.
For Businesses:
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Marketing tool kits
with suggestions for promoting Direct Deposit
and Direct Payment to employees and customers.
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Cost benefit
analysis of Direct Deposit and Direct Payment
for all sized businesses
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Suggested answers to
customer questions about check conversion
For Financial Institutions:
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Marketing tool kits
to educate customers about the benefits of
Direct Deposit and Direct Payment.
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Suggested marketing
and educational materials for customers and
employees.
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Training tips for
employees for convincing customers of the
benefits of electronic payments.
** The Web site is sponsored by
NACHA’s Marketing Management Group, an industry
representative group appointed with the
responsibility to develop and execute the long-term
marketing strategy and annual tactical plans to
promote electronic payments and build market
awareness. The funding to implement the annual
tactical plans is provided by the Electronic
Payments Network (EPN) and the Federal Reserve
Banks. NACHA is the leading organization in
developing electronic solutions to improve the
payments system. NACHA represents more than 11,000
financial institutions through direct memberships
and a network of regional payments associations, and
650 organizations through its industry councils.
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