VPay, a leading turnkey claim payments platform, announced its designation as a Nacha Certified Third-Party Sender for a second two-year period. As of July 1, 2020, VPay joined an elite group of companies participating in the voluntary certification program that represent the highest standards in automated clearing house (ACH) payment processing.
“We appreciate VPay’s work to meet the standards set by the Nacha Certified program.”
“High quality payments are key to the continued success of the ACH Network, and Third-Party Senders have an important role in maintaining and improving that quality,” said Michael Herd, Senior Vice President, ACH Network Administration, Nacha. “We appreciate VPay’s work to meet the standards set by the Nacha Certified program.”
Companies that achieve Nacha Certified status undergo a rigorous review process that demonstrates alignment with standards that include a robust risk and compliance program, company stability, sound governance practices and strong core ACH practices. Companies must attest to compliance with Nacha return rate requirements, appropriate disaster recovery and business continuity plans and qualified, well-trained staff and contractors. Recently, Nacha announced new data security requirements to better protect storage of bank account information within ACH infrastructures, elevating certification requirements that will go into effect June 30, 2021.
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VPay facilitates billions of dollars in payments via the ACH Network and other payment methods for clients in insurance verticals, including health plans, dental plans, third-party administrators, workers compensation and auto insurers.
“Adoption of electronic claim payment is advancing rapidly across the insurance sector, and VPay is committed to exceeding the expectations of our customers and partners through optimal ACH practices,” said Ben Peters, COO of VPay. “As the first Third-Party Sender in the claim payment field to achieve Nacha Certified status two years ago, we continue our legacy as an industry leader, setting the stage for next-generation digital payment processing.”
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