Learn from The Bank of Hemet how Same Day ACH brings new opportunities for innovation.
ARTICLE: An Interview with The Bank of Hemet
In May 2015, NACHA’s voting membership approved Same Day ACH, an amendment to the NACHA Operating Rules to move payments faster. The rule enables a ubiquitous same-day capability for virtually any ACH transaction, creating options for the businesses, governments and consumers who want to move their money faster.
This approval opens the door for new opportunities for financial institutions, including creating options for smaller financial institutions. In a 24/7, Internet-based environment, customers demand immediacy in payment, and smaller financial institutions are looking for innovative ways to meet those expectations.
NACHA sat down with Tammy Stolpp, senior vice president with The Bank of Hemet, Hemet, Calif., to discuss how Same Day ACH impacts her $500 million-asset financial institution.
How does the approval of Same Day ACH support your business efforts?
Same Day ACH keeps us relevant as a small community bank. Customers expect faster payments now, and we see demands increase every day. Same Day ACH now will help keep us on an even playing field with big banks.
What’s the business case for introducing this service?
While Same Day ACH offers solutions for new products and services, it only truly creates an immediate opportunity if the financial institution has high enough origination volume. We plan to offer more solutions in a person-to-person (P2P) environment with Same Day ACH, but we have to start somewhere...