Post by: Leilani Doyle
Less than three short years since the EPS (Expedited Payments Settlement) proposal was voted down, NACHA is back with a Same-Day ACH proposal and a substantial educational campaign which wrapped up at the NEACH Payments Conference. Same-Day ACH was the subject of both the morning keynote, presented by NACHA President Jane Estep, and a luncheon panel discussion, which included NACHA, the Federal Reserve Bank and The Clearing House. As a result, the proposed rule change was approved by NACHA voting members on May 18, 2015, with the first phase going into effect on September 23, 2016.
Although that may seem like eons for Silicon Valley start-ups, this is a pretty aggressive timeframe for NACHA and the thousands of financial institutions to get their ducks in a row. The heart of the proposal mandates that ACH credits be received and applied on a same-day basis by all financial institutions. The proposed indicator of a same-day transaction will be based on the Effective Entry Date, which seems to be simple enough to implement, but many in the industry feel that a more deliberate indicator should be used.
While we wait for the final updates to the NACHA rules, US Dataworks, as a technology provider for ACH origination, is preparing to help our clients evaluate what changes need to be made from a technology, work-flow and educational prospective.
Leilani Doyle also gave a presentation on Apple Pay to a full house in NEACH’s Opportunities track. The audience learned from first-hand implementations of Apple Pay how this technology is used to reduce the opportunity for fraud at the point of sale, as well as key considerations for card issuers authorizing cards to be used in the Apple Pay wallet.
In the end, the group was rather split between Apple enthusiasts and Google enthusiasts who debated that the recent acquisition of Softcard technology will be enough to derail the momentum Apple has achieved with Apple Pay. Likely the success in customer and financial institution engagement that Apple has garnered will be a benefit to all the in the mobile payments space.