• Same Day ACH Phase II Looms--Credit Union Times

    Same Day ACH will kick things up a notch in a few weeks as new rules take effect for debit transactions. Here's what's coming and what credit unions can do to get ready. On May 19, 2015, NACHA announced that it gave the green light to a three-phase implementation plan for Same Day ACH...On Sept.15, 2017, phase II kicks in, requiring credit unions to provide Same Day ACH debit capabilities, too. International ACH transactions and single transactions of more than $25,000 are excluded.

  • GIACT™ Publishes Report Detailing Risks of Same Day ACH Debit Payments--PR Newswire

    GIACT Systems, the industry leader in payment fraud reduction, today announced the publication of a new Faster Payments industry report, "Securing Faster Payments: Protecting your Organization and Customers from the Risks of Same Day ACH Debits."

  • Same-Day ACH in Action--Treasury & Risk

    When same-day ACH credits were launched last fall, observers predicted they would be most popular with corporates that were late sending a payroll file. Data on the first six months’ worth of same-day ACH seem to confirm those predictions, showing more than half of transactions were direct deposits.

  • Payments Future Has Hurdles and Benefits--Banking Exchange

    As banks increasingly redefine themselves as payments platform managers, they will have to deal with a formidable mix of changes in customer expectations, new competitors, and accelerating developments in technologies. The list of mandates includes adjusting to real- or near-real-time payments; realigning strategic plans; focusing on client customization; and dealing with regulatory and legal liabilities.

  • What API Standardization Could Mean For Payments

    API technology is opening new doors for the world of financial services, a trend that cultivates cooperation and collaboration between FinTechs and banks, once considered competitors. With the speed of payments accelerating and Same Day ACH initiatives continuing to roll out, NACHA has pulled together a group of industry experts to explore API standardization as a way to facilitate faster payment speeds and greater transaction security, among other use cases.

  • NEW REPORT: To Mandate Or Not To Mandate? That’s The US Faster Payments

    Big changes are coming to the faster payments landscape. But don’t worry about blinking and missing them, because these changes are going to stick around for a while and have the potential to make a long-lasting impact on how money is exchanged.

  • NACHA Talks Faster Payments, CLEAR Act And APIs At Capitol Day

    Earlier this month, NACHA–The Electronic Payments Association sent its Government Relations Advisory Group on its annual pilgrimage to Capitol Hill. The purpose of Capitol Hill Day is to provide updates and continued education to Congressional representatives and staff regarding the ACH Network, payments, and the NACHA Operating Rules. . . Of course, Hill Day participants also discussed faster payments and the developments in that space. One aspect they stressed was the security and protections faster payments can provide.

  • Fed Finds ACH Surpasses Checks In Corporate

    The Federal Reserve made news late last week when it released its newest data on consumer and business payment habits, assessed via data from 2015 compiled in 2016. According to Fed researchers, there were some significant changes in corporate payments activity between 2000 an 2015. . . AR executives surveyed said they expect ACH faster payments to overtake checks as the most popular way they get paid by their clients by the end of the decade.

  • B2B Payments Surpasses B2C In Profit Potential, Experts

    In terms of innovation and profits potential, B2B payments are surpassing those in B2C according to a new report. The report was released by the Global Payments Innovation Jury, an group comprised of 70 industry executives from 37 countries...It contained several surprising nuggets of information...For example, the report found that faster automated clearing house (ACH) capabilities across the globe have significantly impacted a market’s ability to innovate, and have particular potential in the B2B payments space.

  • Vocalink and Starling Announce Faster Payments Collaboration--FinExtra

    Vocalink, the international payment systems provider, has today announced that Starling Bank (“Starling”) will become a Direct Agency sponsor for Vocalink’s PayPort Service, enabling access to Faster Payments (“FPS”) for Starling Bank customers, other Financial Institutions (“FIs”) and Payment Service Providers (“PSPs”) using the Vocalink PayPort FPS Gateway.

  • Same-day ACH Requires Processing Precision That Eludes Most Companies--Payments Source

    Beginning September 15, same day ACH Debits will become a reality for financial institutions, payments providers, businesses, and consumers. Despite this looming transition, the majority of organizations are not prepared for offering this new service to their customers.

  • FIS Launches Test Solution for Real-Time Payments Systems--ATM Marketplace

    FIS has introduced a test solution to help banks, payment service providers and clearing houses introduce and improve testing as they move to real-time payments systems. According to a press release, the solution enables the validation of updated or recently installed real-time systems, ensures that functionalities remain accurate and verifies that added features perform as expected.

  • Bank Underwriting Made Easy for Businesses integrating Real Time Payments--Nasdaq

    Push Payments, a true real-time payments processor, announced today it has successfully partnered with platform provider linked2pay to expedite the process of making real-time payments. Businesses can register online, be underwritten, and on-boarded via a streamlined process which simply integrates with Push Payments’ partner banks.

  • Zelle Makes Its

    In October 2016,  Zelle announced its plans to launch a real-time bank account to bank account, person-to-person (P2P) mobile payments platform that would compete directly with the likes of PayPal, Square Cash and Venmo. Yesterday, June 12,  Zelle officially announced that it was open for business for the pool of some 86 million consumers in the U.S. who use their bank’s mobile banking services.

  • Making the Case for More ACH--PayBefore

    ACH payments are on course for exponential growth in the government sector, reducing costs for agencies and appealing to younger consumers.

  • Time, Really, for Real-Time Payments?

    Real-time payments. Really, this time. The stage is set. Maybe. In our latest Topic TBD, Cheryl Gurz, director of CGI’s Payments Solutions Group, told Karen Webster that faster payments is an idea whose time has come, and has been coming.  For years.

  • Zelle, The Real-Time Venmo Competitor...Arrives This Month--TechCrunch

    The U.S. banking industry’s answer to Venmo has now arrived. Starting this month, a new, person-to-person payments network called Zelle will roll out to the over 86 million mobile banking customers here in the U.S., promising a faster form of digital payments compared with apps like PayPal, Venmo, Square Cash, and others. Instead of transfers taking place overnight or after a couple of days, Zelle users can move funds from one bank to another in a matter of minutes.

  • BankThink How I Missed the Point of Bitcoin--American Banker

    Time to eat some crow.

    Nearly five years ago, I wrote a BankThink post about bitcoin that emphasized the network’s then-low costs and near-real-time settlement. Bitcoin was an obscure phenomenon at the time, and what I missed was that as the currency’s popularity grew, the peer-to-peer system’s limited throughput would undermine those two particular benefits.

  • 92 Percent of Financial Institutions Surveyed Ready to Originate Same Day ACH Debits on Sept. 15

    NACHA—The Electronic Payments Association®, the steward and rule maker of the ACH Network, today released results from a March-April 2017 qualitative survey of 24 financial institutions representing two-thirds of ACH origination volume on implementation readiness for Same Day ACH debits on the effective date of Sept. 15, 2017.

  • NEW REPORT: Can Faster Payments Put Caregivers On A Fast-Track To Full-Time Benefits? --

    Not only are faster payment tools bringing helping to exchange funds at a quicker pace, but these solutions are also transforming the certain aspects of the gig economy and spurring investments in new payment infrastructures.