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NACHA Announces Completion of Exploratory Effort with Accenture on API Standardization for the US Financial Services Industry

NACHA announced the completion of its exploratory effort around the value of API standardization for the US financial services industry. In collaboration with Accenture, NACHA led a comprehensive research project, which included an analysis of the U.S. financial services market; examination of the potential roles and responsibilities of industry stakeholders within a standardized API ecosystem; identification of potential use cases; and an evaluation of the opportunities and challenges a standard set of APIs could provide to the industry. The results of the effort show that API standardization can address ACH Network pain points and benefit the entire payments ecosystem – from financial institutions, businesses and consumers to FinTechs – through improved security and transparency of transactions, increased efficiencies and speed of communications, and enhanced support of payments innovations.

APIs are not new to the payments industry,

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