Implementing voice payments skills through smart devices, such as the Amazon Echo and Google Nest, is the aim of a legal and risk mitigation resource guide unveiled Tuesday by the group that oversees the national automated clearing house (ACH) system.
Nacha (formerly known as the National ACH Association) said its guide provides background on the importance of terms and conditions (T&Cs) when banks and credit unions offer voice payments services and how terms may be modified to best fit their skills (also referred to as “capabilities and applications”). The guide also offers an overview of use cases, best practices for risk mitigation, and a glossary of terms, the group said.
The guide also includes sample language for legal counsel and compliance staff to consider as they customize the T&Cs to fit their financial institutions’ specific needs, Nacha said.
The guide was developed by Nacha’s Payments Innovation Alliance, the group said.