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COPYRIGHT 2005 Access Intelligence, LLC.
The effort to bring business-to-business payments into the digital age got a shot in the arm last week when NACHA adopted the universal payment identification code (UPIC) being promoted by The Clearing House Payments Co.'s Electronic Payments Association unit. This code promises to promote straight- through processing--the Grail of electronic payments.
UPIC adoption is accelerating. Since the beginning of the year, 24 businesses have adopted it, bringing the total to 30. NACHA, the National Automated Clearinghouse Association, received its first UPIC-enabled payment of $250 on Sept. 5 (it was a registration payment for the 2005 Accredited ACH Professional exam) and the association says it sees a lot of value in the additional security.
With a UPIC, "We can issue our account information as widely as we want, without worrying that it could be misused in any way," NACHA spokesman Michael Herd says.
That's because UPICs are numbers that are included in ACH payment instructions, which in turn refer to account information stored in the Clearing House's data banks, explains Rosanna Salaris, a senior vice president at the Clearing House. The UPICs look and act like standard bank account numbers, and travel through the...
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