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In a recent interview with PYMNTS’ Karen Webster, Jane Larimer, chief operating officer at NACHA, said the financial services industry has done much preparation in terms of enhancing systems and processing, in tandem with significant testing, after a smooth Phase 1 of SameDayACH debuted last September. 2016 and July 2017.
In an interview with PYMNTS’ Karen Webster, Jane Larimer , chief operating officer at NACHA , said that the implementation of Phase 1 of SameDayACH has gone smoothly, with a live debut last September. We’re seeing robust use of same-dayACH credits,” said Larimer. We are excited for this to go live.”.
Phase One of the SameDayACH rollout that made credit transfers a reality was completed last year. Phase Two, which will allow debittransactions on the sameday, is planned for September 2017. local time after SameDayACH Phase One rolled out in September 2016.
SameDayACH payments are gaining traction right out of the gate, with nearly $5 billion and 3.8 million transactions in October, the first full month of activity. This sets the stage for increased adoption of same-day payments across consumers and the merchants who serve them. The numbers are in.
Much has been made in this space about push payments , which assures instant and “safe to spend” funds (meaning the payment cannot be reversed) delivered to a consumer’s account. Those payments work over the same infrastructure and rails that deliver a debittransaction, but in reverse.
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