TokenEx, a data protection platform that provides cloud tokenization and encryption, decides to join a select group of industry leaders recognized for providing products and services that comply with Nacha’s techniques to develop the ACH Network as a Nacha Preferred Partner.
Jane Larimer, President and CEO, at Nacha asserted that the modern ACH Network evolves, changes and thrive. Their Nacha Preferred Partnership program, a trusted community, committed to strengthening and growing the ACH Network, is part of the fuel for that transformation.
Phase 1 of Nacha’s Rule on Supplementing Data Security Requirements is set to take effect on June 30, 2021. ACH Originators and Third-Parties that handle more than 6 million ACH payouts per year must make deposit account details indecipherable in electronic storage under this policy.
TokenEx’s Data Protection Platform, which has been used to safeguard ACH data for more than a decade, offers risk-reducing capacities and adaptability for business usages in prepping for this forthcoming rule.
TokenEx was designed from scratch as a cloud tokenization vendor, enabling them to provide a unique blend of security and compliance that can strengthen revenue-impacting operational activities rather than restrict them, stated TokenEx CEO Alex Pezold. They are thrilled to join the other Nacha Preferred Partners in protecting and improving the ACH Network.
Technology solution companies whose services correspond with Nacha’s basic strategies to advance the ACH Network are eligible to join Nacha’s Preferred Partner program.
Nacha is in charge of the thriving ACH Network, a payment system that facilitates safe, innovative, and quick Direct Deposits and Direct Payments to any bank or credit union account in the United States. In 2020, nearly 27 billion ACH Network payments were made, totaling almost $62 trillion. Nacha advances innovation and interoperability in the payments system by resolving problems and forming consensus among various payment industry stakeholders. In addition, Nacha creates rules and standards, offers industry solutions, and provides education, accreditation, and advisory services to businesses.
For more information, visit: https://www.nacha.org
TokenEx’s Data Protection Platform relieves organizations of the risk of storing sensitive data internally and provides third-party partners with a single point of integration. As a result, TokenEx customers can accept, store, and transmit sensitive data in a secure and compliant manner. Customers can increase revenue by improving payment acceptance rates, reducing latency, and reducing their PCI footprint with this combination of security and flexibility.
For more information, visit: https://www.tokenex.com