HERNDON, Va. (1/27/16)--Innovative teams can compete for $25,000 in prize money in a newly announced "NACHA Challenge." The competition, sponsored by NACHA--the Automated Clearing House (ACH) Association, is designed to foster new ways to improve the ACH end-user experience "by filling market gaps or removing friction points."

NACHA--urging competitors to "think big"--says its challenge is open to innovators, thinkers and practitioners from any entity, including corporates, academic institutions, nonprofits, think tanks, financial institutions, solution providers and others.

The association says it is challenging the marketplace to come up with ways to make it so even more consumers, businesses and governments can use and benefit from ACH payments.

"New technologies and business processes, and evolving customer behavior and expectations are transforming the payments industry," NACHA notes.

Submissions must reach NACHA at challenge@nacha.org no later than 3 p.m. (ET) March 25.

Teams will compete for a $15,000 Judges’ Choice and $10,000 Audience Choice prize. Finalists will be invited to present at the NACHA PAYMENTS 2016 taking place April 17-20 in Phoenix, where the prize winners will be announced.