Press Release: NACHA’s Elevation to support Vments with implementation of its CommunityVcash solution
Elevation to develop rules that will govern the CommunityVcash
platform and Ecosystem of network participants
Elevation, NACHA’s consultative services group announced that it would be supporting Vments, a financial technology provider, with the implementation of its CommunityVcash solution through strategic guidance and the development of rules. The rules would govern the exchange of data and transactions that flow through the platform as well as the network of financial institutions and financial service providers that will leverage the platform.
Vments’ CommunityVcash leveraging its Enterprise Digital Banking (EDB) platform, enables financial institutions and financial service providers to extend the capabilities of their existing online and mobile banking and digital wallet apps by providing their customers and clients with a way to use and exchange “true digital cash.” Users banked and unbanked alike, can leverage CommunityVcash for a variety of transactions including person-to-person payments, merchant payments, and bill payments.
“Supporting the unbanked and underbanked population continues to be a challenge for the U.S. financial services industry,” said George Throckmorton, managing director, advanced payments and solutions at NACHA. “But innovative technologies and solutions like Vments’ CommunityVcash provide a seamless means for this segment of the population to take advantage of more electronic payment options and gain access to much-needed financial services. Elevation is proud to be a part of this effort to bring a solution to market that could have a transformative impact on payments and the financial services industry.”
“Not only will CommunityVcash significantly benefit business and individual users, it will also provide great value to banking and financial services clients and partner network participants that utilize Vments’ rails,” said Steve Wasserman, CEO and Founder of Vments. “Through our EDB platform and CommunityVcash, participants will be able to reduce costs and risks, create new revenue opportunities, and retain and grow their customer base. With this impactful and far-reaching initiative, there was no other group we felt better suited to support our rollout than Elevation. We are excited to be working with this trusted partner to deliver a big win to the financial services industry.
Elevation works with a broad range of organizations – from startups to established entities – to help them understand how payments can work for them. Through its services, Elevation helps organizations operate more efficiently and capture real savings through the smart integration and optimization of electronic payments. Services include, but are not limited to, payments strategy, rule writing, custom ACH education, and enablement.
Vments is a financial technology provider that delivers virtual and immediate financial transactions software licensing, professional services, and products in innovative and cost-effective ways to fundamentally change the way banks and financial services operate, and helps them distinguish themselves in the rapidly transformative financial services landscape.
Vments provides an enterprise functional financial ecosystem blueprint and roadmap that revolves around its patent pending Virtual Fiat Money (VFM) value transfers and corresponding Smart Transaction data transfers that are the core of the use cases it has designed, which can be customized to client and partner specific requirements. The movement of value and data operate through a network of banks and financial services. The network opens up new functionality and shared costs not previously feasible in the current siloed systems used today.
The value transfers are immediate and follow a “good funds” model with the attributes of bank checks and the flexibility of cash. The unique design of VFM also enables it to be securely downloaded and transacted offline as well as online on mobile and other devices. Vments first use case calls this “true mobile and online digital cash” CommunityVcash. Visit www.vments.com to learn more.
NACHA is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable electronic payments and financial data exchange within the U.S. and across geographies. Through development of rules, standards, governance, education, advocacy, and in support of innovation, NACHA’s efforts benefit the providers and users of those systems. NACHA leads groups focused on API standardization, authors the Quest Operating Rules for EBT, and is the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2017, there was a total of nearly 26 billion ACH transactions. Of these, 21.5 billion ACH payments valued at $47 trillion moved across the ACH Network, and more than 4 billion were on-us transactions within financial institutions. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.
Elevation is the industry leader in consulting services that enable banks and businesses of all sizes to implement smart electronic payments strategies. With its roots in NACHA, the premier electronic payments association that administers the ACH Network, Elevation has deep expertise in every aspect of electronic payments. And as an independent advisor, it has earned the trust of its clients to provide a range of consulting services that result in business efficiencies and cost savings. Visit elevationconsulting.org for more information.