PLANO, Texas–(BUSINESS WIRE)–VPay, a leading turnkey claim payments platform, today 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.
“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.
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.”
VPay was also named a Nacha Preferred Partner in 2019, joining a select group of innovators contributing to the organization’s strategic efforts to increase or enhance the use of secure ACH payments, information and messaging. To learn more about VPay and Nacha’s Preferred Partner Program, visit www.nacha.org/Preferred-Partner.
VPay® delivers better claim payment experiences. Offering the insurance industry’s only total payment solution, the company equips insurers with configurable, next-generation digital solutions that streamline every aspect of the payment process. Workers’ compensation, auto and property insurers, health plans, dental plans and third-party administrators trust VPay to design solutions that reduce costs, drive higher epayment adoption, boost efficiency and improve retention by increasing payee satisfaction.
By replacing checks with fast and secure electronic payments and remittance advice, VPay simplifies the reconciliation process while also eliminating processing and management costs. The company’s proprietary, best-in-class software; patented claim payment technology; decades of financial and insurance payment expertise; and commitment to developing breakthrough payment technologies have made it an established industry leader. For more information, visit www.vpayusa.com.
Nacha is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable ACH payments and financial data exchange within the U.S. and across geographies. Through the development of rules, standards, governance, education, advocacy, and in support of innovation, Nacha’s efforts benefit all stakeholders. Nacha is the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2019, 24.7 billion payments and nearly $56 trillion in value moved across the ACH Network. Nacha also leads groups focused on API standardization and B2B payment enablement. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.