Same Day ACH debits provide the option to make payments faster, and can give consumers a better sense of their current account balances, which delivers capabilities endorsed by consumer advocate groups.
HERNDON, Va. (PRWEB) June 08, 2017
NACHA—The Electronic Payments Association®, the steward and rule maker of the ACH Network, today released results from a March-April 2017 qualitative survey of 24 financial institutions representing two-thirds of ACH origination volume on implementation readiness for Same Day ACH debits on the effective date of Sept. 15, 2017.
After the successful rollout of Same Day ACH for credits last year, and with less than 100 days remaining until the effective date for same-day debits, the nation’s top financial institutions are poised to deliver benefits and opportunities to their customers, whether they are large businesses or individual account holders.
According to NACHA survey results, 92 percent of respondents will be ready to originate same-day debit transactions on the effective date, and 63 percent have reported that their clients have a high to medium interest in originating Same Day ACH debits. 100 percent of respondents will be ready to receive Same Day ACH debits on the effective date.
“Same Day ACH debits provide the option to make payments faster, and can give consumers a better sense of their current account balances, which delivers capabilities endorsed by consumer advocate groups,” said Janet O. Estep, president and CEO of NACHA. “Receipt of Same Day ACH debit transactions will be ubiquitous – reaching every U.S. bank account holder beginning on Sept. 15, 2017.”
NACHA details these findings in a new infographic that captures the sentiments of the nation’s largest financial institutions on Same Day ACH Phase 2 implementation.
NACHA and the Regional Payments Associations provide tools and resources to help financial institutions take full advantage of Same Day ACH. For information to support implementation, visit NACHA’s Same Day ACH Resource Center at http://www.nacha.org/same-day-ach.
About NACHA—The Electronic Payments Association
Since 1974, NACHA—The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 11,000 financial institutions in the U.S by moving money and information directly from one bank account to another. In 2016, there were 25 billion ACH payments made that moved $43 trillion. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments, recurring and one-time payments; government, consumer and business transactions; international payments, and payments plus payment-related information. Through NACHA's expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.