Brief: Watchdog OKs Online Debit Rule

NACHA, the Herndon, Va., organization that sets rules for electronic payments in the financial industry, last week created a rule for Internet-based processing of debits to pay for goods or services in e-commerce.

As of March 16, 2001, consumers and businesses will be able to authorize debits to their Automated Clearing House accounts via the Web, as long as the firm offering Internet-based ACH payments follows security guidelines. About 20,000 financial institutions, 2.5 million businesses and 100 million consumers use the ACH network, usually for direct deposit of payroll or government benefits.

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