Stronghold Joins Nacha Payments Innovation Alliance | Associated Press

0

SAN FRANCISCO – (BUSINESS WIRE) – November 2, 2021–

Stronghold, a financial technology infrastructure company, today announced its membership in the Nacha Payments Innovation Alliance. This influential group of payments industry participants supports advancements across the Automated Clearing House (ACH) network and across the payment system in the United States and globally. The Alliance is a group of members that is part of Nacha, the governing body of the ACH Network, which stimulates and guides innovation through discussion, education, project teams, resource development and other initiatives.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211102005613/en/

Trends in non-cash payments, by value, 2000 to 2018. Source: 2019 Federal Reserve Payments Study. Graphic by Stronghold.

Stronghold’s mission to provide fast, secure and accessible financial services to all also aligns with the Alliance’s goal of removing barriers as the industry evolves. Stronghold’s virtual payment network ecosystem, StrongholdNET, enables interoperability between existing and emerging payment technologies.

“Increasing access to the ACH network has been a significant factor in Stronghold’s early growth and success,” said Tammy Camp, CEO and co-founder of Stronghold. “We welcome the opportunity to work with a wide range of payments players towards our vision of building a more inclusive, stable and connected global economy. “

According to the 2019 Federal Reserve Payments Study, from 2015 to 2018, the number of ACH payments increased by 6% and the value of those payments increased by 7.2%, making ACH one of the fastest growing payment rails in the United States (source). According to Nacha, in 2020, nearly 27 billion ACH network payments were made, valued at nearly $ 62 trillion (source). In the third quarter of 2021, the ACH network processed 7.3 billion payments (or 520 million more than the same period in 2020). The value of these payments was $ 18.1 trillion, an increase of 13.8% from the previous year. B2B payments also rose 18.7% to 1.4 billion payments.

Learn more about Stronghold here:

https://stronghold.co/

Learn more about the Nacha Payments Innovations Alliance here:

https://www.nacha.org/payments-innovation-alliance

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211102005613/en/

Rachel Pipan, press @ stronghold.co

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: TECHNOLOGY FINANCE BANKING ACCOUNTING PROFESSIONAL SERVICES SOFTWARE INTERNET NETWORKS DATA MANAGEMENT

SOURCE: Fortress

Copyright Business Wire 2021.

PUB: 11/02/2021 05:06 / DISC: 11/02/2021 05:06

http://www.businesswire.com/news/home/20211102005613/en

Copyright Business Wire 2021.


Source link

Leave A Reply

Your email address will not be published.