Checkbook Blog

Top Takeaways from Nacha's Annual Conference

Posted by Checkbook on Apr 21, 2023

Nacha’s annual conference is the place to be if you’re in the payments industry, and this year’s event—Smarter Faster Payments 2023—was no exception. From learning about updated compliance and regulatory standards to fostering relationships with like-minded payments experts, Nacha is an energizing exploration of all corners of the payments industry. If you couldn’t attend this year’s conference, we’ve wrapped up the most important takeaways—it’s not a replacement for being there in person, but this should provide some motivation to join us next year:

Embedded finance is ramping up - Payment features are becoming increasingly relevant in embedded finance. Accelerated advances in payment rails are causing small to mid-sized banks and credit unions to search for partners that can help them get up to speed with the newest technology.

Safety is top priority - There’s still significant concern around payment security and fraud prevention. Making sure payments get to their final destination is important to avoid losses and image risk. Checkbook’s platform offers a low fraud rate that positions us as a leader in this front. A particularly important aspect of concern with security is how AI and face/voice matching could accelerate fraud. The AI boom is exciting, but holds many worrying unknowns.

Innovation is still king - Another common theme to this year’s conference was differentiation. In other words, how is your business setting itself apart from the rest of the industry? What solutions do you offer that no one else does? How are you anticipating future pain points while offering effortless solutions to current ones?

These three subjects dominated the conference subjects and were the top subjects in casual conversation. That’s a great indicator of their importance. As a business, prioritizing these concerns can help place you at the forefront of tomorrow’s financial landscape and make you an even more trusted entity in the financial industry.

Related Posts

The Anatomy of a 99% Completion Rate

Most payments happen without payors or recipients ever having to think about them. And that’s the way it should be—in a perfect world, every transaction would be seamless. But it’s not a perfect world, and the reality is that only between 92–95% of payments are completed successfully. While at first glance, that statistic may not be jarring, but think of it this way: what if your paycheck bounced 8% of the time? Suddenly 92% seems a far cry from acceptable.

FedNow: Hype or reality?

FedNow is an interbank instant payment infrastructure that aims to transform payments in the US. FedNow Instant Payments, launched by the Federal Reserve on July, 2023, promising to transform how money moves electronically. It had been in planning for 4+ years.

Checkbook Teams Up with Event Management Platform Castifi

“Many of the cast and crew members that we work with can’t wait 2-3 weeks to get paid, which is the industry norm,” Castifi founder and CEO Rum Sheikhani said.

Ready to get started?

Explore Checkbook, or create an account instantly and start sending payments. You can also contact us to design a custom package for your business.

Always know what you pay

Integrated per-transaction pricing with no hidden fees.

Start your integration

Get up and running with Checkbook in as little as 10 minutes.