Nacha’s Payments Innovation Alliance, a membership program bringing together diverse global stakeholders seeking to transform the payments industry, has published Diving into the Fundamentals of Cryptocurrency as a Form of Digital Payment. This resource outlines definitions, process flows and the role of participants in cryptocurrency.
“It’s important for financial institutions to fully comprehend cryptocurrency to set policies on development and usage”
Cryptocurrency is a digital currency that can be used as a medium of exchange through an online experience, such as via a blockchain. This paper examines the role of cryptocurrency in digital payments and varying digital environments, as well as the role of technology, including blockchains, distributed ledgers and cryptography, payments participants and process flows.
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“It’s important for financial institutions to fully comprehend cryptocurrency to set policies on development and usage,” said Jennifer West, AAP, APRP, Senior Director, Payments Innovation Alliance, Education and Accreditation. “Appropriate governance and consideration of consumer rights and protections are important concerns. The Alliance will be developing future resources to educate the industry about cryptocurrency fraud, security and regulatory issues.”
The Payments Innovation Alliance’s Navigating Through Digital Payments Project Team explores the digital and physical world implications of money and asset movement.
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 31.5 billion ACH Network payments made in 2023, valued at $80.1 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
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