The NACHA Challenge, a team competition — worth $25,000 in prize money — is designed to foster new ways to leverage Same Day ACH to create innovative solutions to improve efficiencies and added capabilities within the payment system. The NACHA Challenge is open to innovators, thinkers and practitioners from any entity, including corporates, academic institutions, nonprofits, think tanks, financial institutions, solution providers and others.
New technologies and business processes, and evolving customer behavior and expectations are transforming the payments industry. NACHA is challenging the marketplace to submit solutions — existing or proposed — that enable even more consumers, businesses and governments to use and benefit from ACH payments. Teams are encouraged to think big and creatively. Submission topics are not limited other than they should have direct relevance in whole or in part to the use of ACH.
Process & Rules
- Judges will be drawn from across the NACHA family of organizations comprising the Payments Innovation Alliance, Direct Membership of NACHA, the Board of Directors, the Board Advisory Group and the PAYMENTS 2017 Conference Planning Committee. All appropriate measures will be taken to mitigate any potential conflicts of interest consistent with NACHA policies and practices.
- Selection of the three finalist teams will occur by March 31, 2017, by a panel of judges.
- Members of teams selected for the finalist competition shall be notified by NACHA by Wednesday, April 12, 2017.
- Teams that qualify for the finalist competition must be represented by at least one team member to present the team’s proposal to judges on Monday, April 24 at the PAYMENTS 3D Innovation Hub in the exhibit hall at PAYMENTS 2017 in Austin, Texas. Judging will occur between 12 p.m. and 12:50 p.m. local time that day. Teams will be given 5 minutes to present their idea. Exact timing for presentations will be communicated upon notification of finalists.
- The awarding of the $15,000 Judges’ Choice prize will be based on the results of the April 24, presentations. A separate, $10,000 cash prize will be awarded based on audience voting conducted at the beginning of the 2017 NACHA Payments Awards Luncheon. The recipients of the Audience Choice and Judges’ Choice prizes will be announced at the end of the luncheon service. As the awarding of the two prizes is determined separately, a different or the same team could be selected for each.
For More Information
Contact NACHA staff via email at email@example.com or by phone at 703-561-1100 with questions or to request assistance with your submission.