Same Day ACH (Phase 3) : Moving Payments Faster
Same Day ACH is making payments faster, debits and credits are both in motion as of September 2017 – what is the impact on ACH Payments ? Same Day ACH affects not only the billing game (from the Originator’s standpoint) and In-House Origination, but also on the Receiver’s side, with debits possibly affecting their accounts on the Same day they authorize the Entry. Companies don’t thoroughly understand the impact debits can have on sending and receiving ACH transactions. This session will identify and outline the different way that Same Day ACH is impacting the ACH Network as a whole. For the Originator, with debits having Same Day settlement, this means faster collection! Authorization language for the Originator (this could even affect the ODFI who is doing in-house Origination to collect loan payments, for example), needs to be examined to ensure mention of a possible same day debit to the consumer account. With an uninformed Receiver, this could result in Entrie...