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In just a matter of days, the payments industry will see a significant — and ubiquitous — change in the way payments are sent and received. SameDayACH will create a new option for faster payments for all the banks and credit unions across the U.S. What’s Under The Faster Payments Umbrella?
That was the day that an advocacy group, Financial Innovation Now (FIN), submitted a public comment letter to the Fed in response to its proposal to create and operate a real-timepayments system in the U.S. The letter cited what has become the all-too-familiar talking point about the state of faster payments in the U.S.
Take two announcements from just last week, related to the evolution of faster payments in the U.S. First, there was the Fed’s decision to slow faster payments progress via SameDayACH because it wasn’t ready to approve another processing window during the day. Faster Payments Is Happening, Fast.
ACH rails now settle same-day, three times a day. NACHA is examining additional windows for weekends and has increased the limits for how much money can be sent over those same-dayACH rails. Limits have also been raised for those payments.
Processers enable push payments via a debit card as an alias, giving companies new options and the certainty of getting money instantly into the bank accounts of their customers. We see similar dynamics at play in the B2B payments space around the notion of real-timepayments.
Businesses spend a lot of time waiting too. Businesses wait to be paid by their buyers — not knowing when the money will actually be received, if it is goodfunds and sometimes how much they’ll get. That effort aims to create a standard for making payments and settlement happen in realtime across the entirety of the U.S.
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