When it launches in September, Same Day ACH (Automated Clearing House) will bring the United States one step closer to real-time domestic payments.
“While there are many benefits to Same Day ACH, it has become evident that increased payments speeds also lead to increased risks to banks and financial institutions. Furthermore, operational and procedural changes are needed within these institutions in order to take advantage of this new capacity“, said Sarkis Akmakjian, Senior Director, Product Management, Accuity.
He continued: “With the onus falling to the financial institution to build the internal capacity to take advantage of Same Day ACH, there is an added layer of operational complexity inherent in this innovation. For example, financial institutions and payments services providers will need to expedite their internal routing, compliance, and processing procedures to ensure that their client’s same day expectation is met.“
Accuity will be exploring these topics with its clients at NACHA and engaging conference attendees in deeper questions around the impact of Same Day ACH. With clients across many countries where faster payments is the reality, Accuity can help its American clients ensure they have the information they need to process payments at this speed while also managing compliance risks.
“It is a key topic for the US market,” said Akmakjian, “we want to ensure that our clients are ready to tackle the challenges and opportunities that come with it.”
About Same Day ACH
Same Day ACH enables a ubiquitous same-day capability for virtually any ACH transaction. It will build upon existing, next-day ACH Network capabilities and establish a new option for same-day clearing and settlement via ACH. Under the Rule, two new same-day settlement windows will be added to the ACH Network, increasing the movement of funds between financial institutions from once each day to three times each day. The Rule also requires that all Receiving Depository Financial Institutions (RDFIs) receive same-day transactions and provide faster funds availability to customers, creating value for end users through its reach to all bank accounts and ability to give consumers and businesses a new option to quickly pay bills and receive funds faster.
About NACHA Payments 2016
PAYMENTS 2016 marks an important milestone in how those who are driving and adopting innovative payments solutions and practices share information to create common goals that unite progress with clarity of purpose. This unique conference experience encapsulates the players and thought leadership that are setting the agenda for the future, and propels industry dialogue forward to ensure the continued strength and integrity of the ACH Network and the US payments ecosystem, and their responsiveness to the customer.
About Accuity and FircoSoft
Accuity, the leading global provider of risk and compliance, payments and know-your-customer solutions, comprises pioneering FircoSoft and Bankers Almanac. Our unmatched data and technology services deliver the most comprehensive sanctions screening, optimal payment efficiency, compliant transactions, bank counterparty insight and AML screening success. Accuity is owned by one of the world’s leading business-to-business data and content providers, RBI, and part of RELX Group.