What to Expect at the Nacha Payments Innovation Alliance 2023

Nacha’s Alliance membership meeting is an opportunity for financial industry leaders to gather and discuss the latest trends and innovations in the field. This year’s meeting, which will take place in Tempe, AZ from February 15-17, 2023, promises to be a dynamic event full of insightful and engaging discussions.

The iCG team looks forward to learning about the Metaverse, DeFi, Web3, and the ABCs of NFTs from industry experts. The session on the current landscape of cannabis, including state expansion, regulation, and innovation in banking/payments, will also provide valuable insights into the industry. 

One area that particularly piques our interest is fraud mitigation techniques in instant payment systems. With the growing popularity and adoption of these systems, it is crucial to understand the measures being taken to prevent fraudulent activities. The Nacha PIA conference presents an ideal opportunity to learn about the latest developments in this area and the global lessons that have been learned.

The conference will provide us with practical takeaways we can apply in our work. Moreover, it is an excellent opportunity to network and collaborate with like-minded professionals and exchange ideas and best practices. As a Nacha-Preferred Partner, we stick to the latest Nacha regulations and offer the utmost security measures for our clients.

Over the last year, we have curated several blogs on payment security.

Here’s a brief on some of them:

13 Key Components of ACH Security

1. Sticking to the PCI Standards 
2. Enhanced Security for Funds in Transit
3. Validating Routing Numbers
4. Validating Identity and Check Verification
5. Detecting Fraud 
6. Implementing Enhanced ACH Security Policies
7. End-to-End Encryption 
8. Micro Validation Methods
9. Merchant-Specific Registration Practices
10. Upkeep of a Strong Firewall and Virus Protection
11. Two-Factor Authorization and Tokenization
12. Storing Electronic Data Securely
13. Protection of Sensitive Information

10 Steps of Adopting Enterprise Risk Management for Payment Security

This mini-guide provides 10 steps for corporations to get started with a well-defined cybersecurity program.

• Step 1: Perform an End-to-End Analysis - Identify and document all tech processes, especially those dealing with sensitive information, and evaluate the existing technology stack to identify opportunities for security improvement.
• Step 2: Identify the Need for Certifications - Relevant security certificates and tools can give a competitive advantage.
• Step 3: Identify Technologies for Adoption - Information security analysts can identify risks and make a strategic plan to manage internal and external threats.
• Step 4: Choose the Correct Vendors - Look for top vendors with certifications like PCI-DSS and Nacha, responsive customer support, and customizable solutions.
• Step 5: Identify Complementary Technologies - Rely on scalable, secure solutions to reduce costs and time for retesting the Enterprise Risk Management framework.
• Step 6: Retest Security Systems - Hire ethical hackers to retest security systems before going live.
• Step 7: Establish a Corporate Security Policy - Highlight roles and responsibilities and limit access to sensitive information to prevent human error.
• Step 8: Train Internal Employees - Train employees and customers on best security practices.
• Step 9: Go Live - Advertise the secure payment systems and policies to attract customers.
• Step 10: Set up a Testing Schedule - Regularly test the network infrastructure and stay updated with latest security technologies.

12 Tips on Payment Security for Payroll Management Companies

1. Integrate with a reliable payment processor with ACH technologies for direct deposit, SMS payments, and email invoicing
2. Adopt multiple payment methods such as ACH and credit/debit cards
3. Use tokenization to store payment and employee bank account information securely
4. Practice safe data-sharing practices, limit access to sensitive data, and create a fail-safe plan
5. Perform periodic security maintenance and partner with a cybersecurity firm for testing
6. Scale with a partner that offers multiple innovative payment technologies with protection from cybersecurity measures
7. Create quick-view reporting structures with comprehensive dashboards
8. Stay updated with payroll tax policies, have individual contracts with a payment processor, ODFI, and client organization
9. Create a transparent pricing structure with precise costs for payroll management, payment processing, tax assistance, and per check envelop stuffing
10. Create a digital trail of transactions for financial dispute management, reporting, and dashboard creation for clients
11. Safe storage of account information with the best cybersecurity measures
12. PCI-DSS and Nacha compliance for reduced PCI scope

The iCG Way of Payment Security

Banks face various security issues due to the increasing instances of identity theft. Still, they can address these challenges by adopting secure payment technologies from iCG to enhance their payment systems. iCG helps in detecting and preventing fraud through the following features:

• Tokenization: Tokenization converts sensitive customer information into random letters and numbers, ensuring that customer payment data is secure.
• Check Verification: iCG Verify checks the status of checks and eliminates the possibility of fraudulent activities, protecting the bank from accepting bad checks.
• PCI Compliance: PCI Compliance uses advanced payment technology to reduce PCI scope, reduce risks, and enhance compliance in a single platform.

Looking Forward to a Happening Meet!

In addition to the educational sessions, there will be plenty of opportunities for networking and building relationships with colleagues. The welcome reception, hot breakfast buffet, and after-hours activities are all designed to provide attendees with a relaxed and enjoyable atmosphere for conversation and collaboration.

Nacha’s Alliance meeting operates under the Chatham House Rule, which allows for open and candid discussions without worrying about personal opinions being attributed to individuals or their employers. This will enable attendees to engage in meaningful conversations, exchange ideas, and gain valuable insights.

In conclusion, we look forward to a productive and educational event that will give attendees the tools they need to stay ahead of the curve in the financial industry.

Are you interested in knowing more about our solutions? Speak with one of our relationship managers today to take your payment processing to the next level!