Same-day ACH supported by an interbank fee also would enable the faster flow of funds and support mobile and other emerging payments—all of which are positive developments for community banks and their customers.
Washington, D.C. (PRWEB) December 09, 2014
The Independent Community Bankers of America® (ICBA) today said it continues to strongly support same-day Automated Clearing House (ACH) capabilities and is encouraged by NACHA’s latest proposal and request for comment. ICBA supports NACHA’s proposal to include an interbank fee so receiving financial institutions can recover their costs and earn a reasonable return for enabling and supporting same-day electronic financial transactions for consumers and businesses.
“Technological innovation has raised consumer expectations about faster payments, and same-day ACH will help level the playing field between community banks and larger competitors, including non-bank providers,” ICBA President and CEO Camden R. Fine said. “Same-day ACH supported by an interbank fee also would enable the faster flow of funds and support mobile and other emerging payments—all of which are positive developments for community banks and their customers.”
ICBA last year released a white paper detailing its support for same-day ACH and encouraging community banks and other institutions to adopt same-day ACH services. In its white paper, “Same-Day ACH: An Opportunity for Leadership,” ICBA specifically recommends that community banks:
- adopt same-day ACH services currently offered by Federal Reserve Banks,
- encourage their correspondent banks and processing providers to adopt and support same-day ACH,
- collaborate with other banks to identify and implement supporting products and services where same-day ACH provides value, and
- encourage their regional payments association to aggressively advocate same-day ACH.
ICBA will review NACHA’s request and submit comments.
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit http://www.icba.org.