Thought leadership – Faster payments? Or same day ACH?

first_imgSame Day ACH payments are on the way and are expected to have huge impact on how payments are made in today’s environment. Same Day ACH is planned to move payments and payment related information quicker to ensure any ACH payment can reach anyone, anywhere across the country regardless of which credit union or bank is used.On September 23, 2016, phase one of the Same Day ACH 3-year planned roll-out becomes mandatory for financial institutions in the U.S. This means that credit unions and banks (and other third-party financial institutions) will be required to accept credit transactions that are assigned the current day’s effective date, and settle on the same day. Prior to this change, settlement for credit transactions has been 1 to 2 business days. FIs have until Sept 2017 before being required to support same day debit ACH. A fee of 5.2 cents per same day transaction is assessed by the originating FI and passed through to the receiving FI. It is yet to be seen whether the originating FI will pass on these charges to its customers or absorb them as a cost of doing business.Largest CU’s to offer same day originations by end of the yearWhile credit unions and banks must be ready to receive same day ACH, not all will be originating. It is believed that the largest credit unions and banks will offer same day originations by the end of the year, primarily those FIs that offer payroll services or have merchant acquiring portfolios that may want to offer their merchants a speedier settlement to help with cash flow. However, it does require extra effort on the part of the receiving institution. They need to understand the schedules for receiving same day ACH and posting the transactions; their vendors need to be prepared to process those transactions in the required windows. And as volume dictates, some level of automation may be needed to meet the requirements. continue reading » 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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Perfect Crop Circle Appears in German Wheat Field

first_imgTourists and residents marveled at the crop circle’s perfect geometric pattern.“I just find it fascinating because you cannot really explain how it happened. It is just a moment where you have something you can’t explain. When these days everything always has to be explained, it’s a thing that pushes the limits of this ‘explainer model’ that we have,” Rainer Bartesch told Reuters.Crop circle enthusiasts, in the meantime, formulated several theories behind the origination of the crop circle. Some are of the opinion that it was not formed by humans. On the other hand, a certain section believes that crop circles are created by wind patterns or aliens.Some enthusiasts also suggest that energy fields are responsible for their creation. A perfectly symmetrical crop circle appeared in a wheat field in the German town of Paehl earlier this month. Several tourists and locals visited the spot after the discovery of the crop circle in order to catch a glimpse of it.A bizarre crop circle appeared suddenly in this wheat field in Germany, triggering the curiosity of locals and tourists alike pic.twitter.com/B6HDcFLg0X— Reuters (@Reuters) July 31, 2020last_img read more

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