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The latest data from Nacha found a new record-high growth rate for adoption of ACH payments , with B2B payments showcasing a surge in adoption of the legacy payment rail that has recently turned to technologies that can augment the service, from the movement of transaction data with an ACH payment to the deployment of SameDayACH.
New payment rails are again in the spotlight, with commercialcard and contactless payments emerging as the top focuses for innovators. Boost Payment Solutions is teaming with Visa for commercial payments acceptance, while EE is joining forces with Square to help U.K. Nacha Adopts Eight ACH Payment Updates.
NACHA released new statistics late last week on growth of ACH transaction volume in the U.S. According to the firm, B2B transactions were a key driver of ACH transaction growth in the third quarter of the year, leading NACHA Chief Operating Officer Jane Larimer to describe the ACH Network as “thriving.”. In all, more than 3.3
In this week's look at payment rails innovation, Visa embraces blockchain and digital currency to facilitate corporate and small business payments, while CardUp supports commercialcard payments by mixing payment rails for easier supplier acceptance. Visa To Use Card Rails For Digital Currency B2B Payments.
Using FIS-run PayNetExchange to process ACH, checks and virtual cards and using Comdata to issue Mastercard commercialcards, Corcentric pulls in payment capabilities across a range of rails to support the last mile of the B2B transaction. The data makes that glaringly clear. Speed, for instance, is a strategic factor.
Their partnership will create a platform in which Visa’s Payables solutions and card technology integrates into MineralTree’s AP management tool and will be offered to financial institutions so they can support their own corporate clients’ commercialcard payment needs.
The good news is that SameDayACH is on the way, but experts continue to discuss how the initiative will impact corporate payments, if at all. At the center of many of these discussions is the issue of ACH underwriting, which sees FIs establish how long it takes for funds to actually settle into an account.
The best way for suppliers to accept payment is ACH , argued the executive. For the supplier side, ACH is a no-brainer,” he stated, pointing to the flat transaction costs and the speed with which the payment clears. What will have a bigger impact, he claimed, is this continuing shift from paper check, to card payments, to ACH.
” Another option is to encourage the use of commercialcards in B2B payments. Proponents of this argue that buyers like to get the rewards associated with cards, while still being able to pay later, and suppliers get paid instantly. Buyer Financing. “Small businesses are holding over $1.2
As that digitization effort progresses, businesses have also expressed efforts to boost investment in commercialcard programs. More than three-quarters of professionals said their spend will stay the same or increase on card programs this year compared to 2017, as 40 percent plan to spend more. .”
Below, PYMNTS looks at the latest solutions that take one of those two paths as innovators address friction in checks, ACH and other rails. It’s both a show of support for a new rail like RTP, as well as for the strategy to improve upon legacy rails like ACH. s first new payment rail since ACH launched in 1974.
While he’s also noticed that corporates are eager to put any spend they can on commercialcards (allowing them to take advantage of capital float, and the benefits and rewards that card programs offer), virtual cards have proven popular for their anti-fraud capabilities.
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