Ninety Percent of Surveyed Banks Report Same Day ACH Origination Volume is Higher Than or as Anticipated
A qualitative survey of 23 fiancial institutions comprising nearly two-thirds of Same Day ACH origination was conducted in December 2016 and January 2017.
A glimpse of Same Day ACH volume in 2016.
Community banks and credit unions remain diligent in their efforts to stay competitive in the evolving financial services industry.
“If your franchise means anything to you, you have to be relevant in payments,” said Bob Steen, CEO, Bridge Community Bank. “If you lose your payment relationship, you don’t have a franchise, because your customers can get a mortgage online, a car loan from a car dealer, and so on. If they don’t need you for payments, they don’t need you.”
Download the case study for more insights from Bridge Community Bank's experience.
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.
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.