Payment Methods

Speeding Along To Same Day ACH Payments

The biggest firms in the nation are gearing up for same day ACH payments – an eventuality that could hit in September of this year. As reported by NACHA, the electronic payments association, the readiness was disclosed in a survey that had been conducted by the association, with the two strongest use cases identified across same day ACH.

Firms are looking to use ACH across payroll and B2B functions. In the results tabulated, 100 percent of funds look to offer same-day payroll, with 95 percent also planning to offer same-day B2B services. In reference to other payments, firms are eyeing expedited bill pay and also person to person functionality and payments options.

In reference to methodology, NACHA’s survey extended across January and February, with 22 of the largest 25 ACH originating institutions responding.

“Financial institutions see the value in providing new, faster payment options to their customers with certainty and surety, and Same Day ACH allows them to do that in 2016,” Janet O. Estep, who serves as president and chief executive officer of NACHA, said in a statement. “These findings support our earlier research that Same Day ACH volume will come from use cases like payroll and B2B payments.”

Client availability will be fairly ubiquitous, with 86 percent of those surveyed planning to offer same day ACH to all their clients, while the remaining 14 percent will focus on select client availability. The latter will be determined according to each client’s needs.

NACHA has also continued its relationship with regional payment associations to gauge the readiness on that front across the nation. Of the attendees surveyed at the 2016 Information Exchange last month, 64 percent of respondents said they plan to bring in same day ACH payments.

Norman Robinson, AAP, CTP and CEO of EastPay, stated that: “Deciding to originate Same Day ACH means smaller financial institutions can act now to support customer demand for faster payments. As smaller institutions prepare to receive same-day payments, they spot business opportunities. Banks and credit unions recognize that Same Day ACH is not just an operational update; it is a new competitive solution.”

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