In today’s top news in digital-first banking, Nacha has said that the WEB Debit Account Validation Rule has become effective, while Goldman Sachs Group Inc. is reportedly in talks about taking over JetBlue’s card program. Plus, AdvicePay has introduced a new mobile check deposit feature.
Nacha’s WEB Debit Account Validation Rule Takes Effect
Nacha has said that the WEB Debit Account Validation Rule has come into effect on Friday (March 19). However, the nonprofit indicated that it would not enforce the stipulation for one more year from the effective date for “covered entities that are working in good faith toward compliance, but that require additional time to implement solutions,” according to a press release. Nacha members gave the go-ahead for the rule in November 2018 to become effective at the beginning of 2020 at first. But the organizations’ board of directors then green-lighted an extension in the effective date.
Goldman in Talks To Take Over JetBlue’s Credit Card Program
Goldman Sachs Group Inc. is reportedly in discussions with JetBlue Airways Corp. over taking control of the airline’s credit card program. The investment bank is competing with the air carrier’s current credit card issuer, Barclays. Co-branded air carriers are among the most rivalrous in the credit card arena. Not many U.S. air carriers are in existence, while hundreds of merchants could work with banks to offer credit cards. JetBlue’s arrangement with Barclays reportedly ends in roughly three years.
AdvicePay Introduces Mobile Check Deposit For Enterprise Customers
AdvicePay, the fee payment processing platform, has launched a new mobile check deposit functionality for large companies. To that end, enterprises can now allow their branch workforces to quickly and easily deposit financial planning checks into home office systems. “By enabling mobile online deposit of paper checks, AdvicePay eliminates the need to overnight checks altogether, and consolidates separate workflows for credit card, ACH, other digital wallet payments and paper check systems into a single workflow environment,” AdvicePay CEO Alan Moore said in an announcement.
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