Chapter 7, Problem 4PSA

Explanation of Solution

NACHA:

It is an electronic payment association through ACH network which operates the safest payment system. The full form of NACHA is National Automated Clearing House system that provides development, administration, and governance of the ACH network.

Role of “NACHA”:

The role of the NACHA can be divided into two ways: managing ACH network and NACHA services.

• Managing ACH network: Using ACH network NACHA enable the users to make payments with high quality. The transaction of data and money can move directly from one bank account to another.
• NACHA services: NACHA provides the financial services to customers and enables the common set of rules in governance and education.

ACH:

Automated Clearing House (ACH) is an electronic network which is used to make financial transaction in the United States...