Transact Confirms Current Encryption Features Comply With New Nacha Rule on Supplementing Data Security Requirements

PHOENIX–(BUSINESS WIRE)–Transact, the leader in innovative payment solutions for a connected campus, today confirmed its current encryption features comply with a new National Automated Clearing House Association (Nacha) Rule on Supplementing Data Security Requirements. The Rule requires bank account numbers used in the initiation of ACH transactions to be rendered unreadable when stored electronically. Transact and its payments solutions clients are fully compliant in advance of the June 30, 2021, effective date of Phase 1 of the Rule’s two-phase introduction.

Phase 1 of the Rule on Supplementing Data Security Requirements applies to ACH Originators and Third-Parties with more than 6 million ACH payments annually; Phase…