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B2B Check Use Rising Despite Approach Of Same Day ACH

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Same Day ACH is ready for its debut at the end of the week, and for some, its launch signals the next step for the payments industry to become faster and more digital. But a new report finds that, even as Same Day ACH is fast-approaching, businesses are actually increasing their use of paper checks.

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How Small Businesses Ride Their Payment Rails

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“Governments, financial institutions, businesses and consumers are all reaping the benefits the ACH Network provides,” Larimer said in a statement. More people than ever are benefitting from Same Day ACH. billion ACH debit and nearly 2.3 In all, more than 3.3 NACHA said 43.2

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What New Payment Rails Miss About Solving B2B’s Remittance Challenge

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More often, businesses will find that the clunky paper check is actually the payment method best suited to support the movement of remittance data along with funds, although businesses are still struggling to find affordable and efficient ways of ingesting that information. There’s nothing more valuable than remittance data.

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Why Faster Payments Isn’t The Answer To Accounts Receivable Delays

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When NACHA first released its Same Day ACH capability, only about 6 percent of the first 2 million transactions made in the service’s first 11 days were B2B payments. is a lack of remittance data, he said. where he doesn’t see the same type of regulatory pressure on late payers that the U.K.

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For Insurance, Faster Payments Means Nothing Without Data

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Remittance data, linked to payments between providers and insurance players, is critical on both ends of the transaction. ” In verticals like healthcare, claim data can be dozens of pages long and, at present, the market struggles with transmitting that information efficiently whenever payments are made. .”

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B2B Finserv Embraces New Faster Payment Rails

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PNC Treasury Management recently debuted a tool that allows corporate buyers to automatically choose a faster payment solution , including real-time payment (RTP), Same Day ACH or next-day ACH, to pay their suppliers by analyzing which payment method would be quickest and most cost-effective.

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How Email, Checks Sabotage Faster Supplier Payments

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“A lot of suppliers say they like the feel of the paper in their hand, they like to get the physical remittance data attached to that check — even though you can still get that data in other ways, including with ACH,” Martin explained. “But a lot of suppliers are what we consider old school. .

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