NACHA releases guide addressing contractual considerations of voice payments

NACHA has created a legal and risk mitigation guide for banks looking to offer voice payment capabilities and applications through smart devices.

The reference guide, created by NACHA’s Payments Innovation Alliance, provides background on the importance of terms and conditions when offering voice payments services and how terms may be modified to suit different needs. The guide also offers an overview of use cases, best practices for risk mitigation, and a glossary of terms and sample language for legal counsel and compliance staff.

NACHA’s Payments Innovation Alliance includes financial institutions, fintech firms, solution providers, law firms and other stakeholders in the payments industry.