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Why Your Business Needs an ACH Tokenization Solution for 2021
September 15, 2021
While ACH payment transactions have not traditionally been subject to the same security mandates that credit cards have, everything’s changing. NACHA has mandated that security measures now must be put in place to protect sensitive data in ACH payment transactions, with an effective date of June 30, 2022, for originators and parties with volumes greater than 2,000,000 transactions.
As such, getting your business up to speed with an ACH Tokenization Solution is crucial, to ensure that you’re meeting best practices and giving your customers the security they need to trust you. We’ll talk you through why in this article.
Why Do We Need An ACH Tokenization Solution?
The mandate from NACHA (which has been extended due to COVID) means that the standard ACH data points (bank account number and routing number) for transitions must now be replaced with a token for reference. The routing number, in particular, acts as an …
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ACH Payments Tokenization: What Your Business Needs To Know
September 14, 2021
In an ever-shifting payments landscape, there has been another change: NACHA, the governing body that oversees the ACH payments world, has now mandated ACH Payments Tokenization for businesses. Naturally, this has caused a lot of head-scratching amongst companies. Luckily, there are many options out there which you can choose to comply with ACH Payments Tokenization rules — but first, let’s look at what you need to know.
Why Is ACH Payments Tokenization Now Mandatory?
In the credit card processing sphere, it’s been necessary for payment transactions to be tokenized for a while now.
Although data protection for ACH payment transactions has been a mark of good conduct, these transactions didn’t face the same regulation until recently.
What Do The New Mandates Require?
For ACH transactions, the data points are composed of a routing number and a bank account number, with the routing number is necessary for bank identification for …
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