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SameDayACH is ready for its debut at the end of the week, and for some, its launch signals the next step for the payments industry to become faster and more digital. But a new report finds that, even as SameDayACH is fast-approaching, businesses are actually increasing their use of paper checks.
The second day of AFP in Nashville, Tennessee, saw BNY Mellon’s Sumner Francisco, Finzly’s Karuna Kathir, PTap Advisory’s Peter Tapling and Walmart’s Sarah Arnio, take to the stage to discuss the adoption and benefits of Faster Payments and the differences between rails such as instant payments, same-dayACH, and push-to-card transactions.
2 million | Number of SameDayACH transactions made in the first 11 days of SameDayACH’s availability, according to NACHA’s statistics. Those statistics also stated more than 178,000 SameDayACH transactions were made per day, accounting for a total of approximately $1.5
In the context of the rollout of SameDayACH, as well as new research that found companies have actually increased their use of the paper check in the last three years, the payment rail choice isn’t always easy. The data makes that glaringly clear. There’s a lot of friction between suppliers and customers.”
Separate data from the Association for Financial Professionals (AFP) found use of the paper check increased in 2016. The expansion of ACH across the U.S., especially with the recent rollout of SameDayACH, includes a gradual focus on the transmission of payment data along with an ACH payment.
SameDayACH is on the cusp of entering the market, blockchain startups are making their visions a reality with bank partners and the financial services industry as a whole, it seems, is ready to make payments faster and more digital. But in B2B payments, are corporates ready to participate in this new ecosystem?
More recently, the Association for Financial Professionals’ (AFP) 2017 Risk Survey found nearly half of businesses say their exposure to uncertainty is higher than it was three years ago, and 51 percent say forecasting risks will be more difficult three years from now than it is today. In the U.S.,
The research, also published by the AFP for its 2016 Electronic Payments Survey , found a 1 percent increase in the use of paper checks for B2B payments compared to levels seen in 2013. Some financial service providers have reacted to the seeming inability for corporates to let go of paper by giving into demands for check solutions.
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