What is Pay By Bank?

Payment options are constantly evolving and expanding.  Pay By Bank has become a common term of art over the past several years.  But what does it really mean?  From checks and debit cards to ACH debits, a number of diverse payment methods enable payments to be made out of a bank account.  But is that what industry participants really mean when promoting Pay By Bank?  In this session, Nacha will cover the ongoing work of its Pay by Bank project team, whose mission is to generate consensus among industry participants on the meaning of Pay By Bank, articulate Pay by Bank use cases, and identify any novel risks.  Nacha will also present the results of qualitative and quantitative research on how Pay By Bank is being used and described in the marketplace and whether it is recognized and understood by consumers.