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Coming Soon: Same Day ACH Phase 2 – Debits

PYMNTS

Apologies to any Iron Man 3 devotees reading this, but follow-ups just typically don’t have the Jaws of, well, the original. Hollywood metaphor (almost) aside, there’s another industry near and dear to the Faster Payments Tracker ’s heart, and it’s also producing sequels these days. And, come on — four Chipmunks movies?

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Speeding Along To Same Day ACH Payments

PYMNTS

The biggest firms in the nation are gearing up for same day ACH payments – an eventuality that could hit in September of this year. Firms are looking to use ACH across payroll and B2B functions. As smaller institutions prepare to receive same-day payments, they spot business opportunities.

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The Millions And Billions And Trillions Of Same Day ACH

PYMNTS

NACHA, with its Same Day ACH offering, is leading the charge for faster payments in the U.S., We’ll give a daily double for the first data point, as it’s number of ACH transactions, and the second is quoted in terms of dollars over the whole calendar year of 2016. They grew over 5 percent in 2016.”.

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For NACHA’s Same Day ACH, The Debit Debut

PYMNTS

In an interview with PYMNTS’ Karen Webster, Jane Larimer , chief operating officer at NACHA , said that the implementation of Phase 1 of Same Day ACH has gone smoothly, with a live debut last September. We’re seeing robust use of same-day ACH credits,” said Larimer.

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With Same-Day ACH, You’d Better Have Same-Day Fraud Detection

PYMNTS

With Same-Day ACH now a reality in the U.S., In its analysis of the Same-Day ACH rollout, NACHA found no evidence that it led to an increase in fraud attempts or successful breaches. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however. ”

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Taking The Y2K Fear Factor Out Of Same Day ACH

PYMNTS

Phase One of the Same Day ACH rollout that made credit transfers a reality was completed last year. Phase Two, which will allow debit transactions on the same day, is planned for September 2017. The third phase, which will usher in faster ACH credit funds availability, is on track to occur in March 2018.

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Will Same Day ACH Rollout Spark A Fraud Spike?

PYMNTS

With the Same Day ACH rollout coming in just two weeks and other faster payments initiatives taking off, financial institutions are taking significant steps to ensure the transition to a faster processing environment, including improving their payment security platforms to keep fraudsters at bay. Impact On Same Day ACH Rollout.