[Congressional Record Volume 161, Number 78 (Wednesday, May 20, 2015)]
[Extensions of Remarks]
[Pages E755-E756]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   RECOGNIZING NACHA ON ENABLING UBIQUITOUS SAME-DAY PAYMENTS DURING 
            DIRECT DEPOSIT AND DIRECT PAYMENT VIA ACH MONTH

                                 ______
                                 

                        HON. GERALD E. CONNOLLY

                              of virginia

                    in the house of representatives

                        Wednesday, May 20, 2015

  Mr. CONNOLLY. Mr. Speaker, I rise to recognize May as the Direct 
Deposit and Direct Payment via Automated Clearing House (ACH) Month. 
NACHA--The Electronic Payments Association serves as trustee of the ACH 
Network, enabling payments such as direct deposit and direct payment 
via ACH. Annually, the network processes 23 billion ACH transactions 
valued at more than $40 trillion. As a self-governing, collaborative 
rule maker and educator, NACHA helps to expand and diversify electronic 
payments, ensuring the Network remains universal and secure, creating 
value, and enabling innovation for all participants.
   To coincide with this year's recognition of Direct Deposit and 
Direct Payment via ACH Month, the NACHA membership has approved an 
Operating Rules change to enable same-day settlement capabilities for 
virtually any ACH transaction. The proposal received broad support from 
financial institutions, businesses, government agencies and regulators, 
consumer groups, and other interested parties. This new same-day 
service ACH allows the financial services industry to offer an option 
to consumers, businesses and governments, who want to move their money 
faster.
   I commend NACHA's commitment to enhancing the versatility and 
improving the strength of the ACH Network for consumers, governments, 
businesses, and financial institutions that rely on the network to move 
their money via ACH. This introduction of same-day ACH is an immediate 
action undertaken by financial institutions to modernize the payments 
system, and it creates a building block for a variety of innovative 
products and services.
   Mr. Speaker, I ask that my colleagues join me in recognizing NACHA--
The Electronic Payments Association for its work to move payments 
safely and more efficiently through same-day ACH and in recognizing May 
as Direct Deposit and Direct Payment via ACH Month.

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