Faster Payments are finally live in the U.S. with Same Day ACH, but that’s just the start. For the latest Faster Payments Tracker™, PYMNTS spoke with ACI’s Barry Kislingbury, director of solution consulting, and WA Proctor, vice president and product line manager, to compare the U.S. versus the U.K. and what each can learn from the other. Find that, along with headlines from around the space, in the latest Tracker.
BIGCast hosts John and Glen speak with NACHA CEO Jan Estep about the successful launch of Same-Day ACH, takeaways from its first six weeks of activity, and overall trends toward faster payments in the FinTech marketplace. Listen Here
Same Day ACH, an industry initiative to move payments faster, was responsible for 3.8 million transactions in October, totaling $4.98 billion with an average transaction amount of $1,303. This data shows strong use of Same Day ACH and is consistent with NACHA’s expectations based on anticipated use cases and industry dialogue. It also demonstrates how Same Day ACH serves as a new ubiquitous U.S. faster payment option that supports marketplace demands.
As of September 23, 2016, Same Day ACH can be an option for your tax payers. While federal taxes will not be eligible for same-day payments yet, state tax agencies can take advantage of this new payments solution. Financial institutions around the country will be able to receive Same Day ACH files, and many banks and credit unions will offer Same Day ACH origination services, allowing ACH credit payments to be made and settled on a single business day.
As of Phase 1 implementation, Safety Insurance will provide Same Day ACH for customers expecting refunds or claim payments in emergency situations. Same Day not only offers better customer service, it creates an added business advantage to the company's bottom line.
Treasury Software enables solution that allows banks to preview Same Day ACH functionality in their own infrastructures, supporting and ecouraging readiness in advance of the Sept. 23, 2016, Same Day ACH implemantion date.
One of the primary use cases for Same Day ACH is for Direct Deposit of payroll. This document provides guidance for employers and payroll professionals on how to effectively use Same Day ACH for faster payroll payments.
NACHA and the RPA’s FCC Same Day ACH group have developed a template letter for ODFIs to use to communicate with any Originators that need to review and revise their usage of the Effective Entry Date field to avoid inadvertent Same Day ACH entries.
A simplified four-step checklist that Originating Depository Financial institutions can use to make sure they are prepared for Phase 1 of Same Day ACH.
A simple four-step checklist that corporations can implement to make sure they are prepared for Phase 1 of Same Day ACH.