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

Read More

Drawing Canada presents India a golden chance in Davis Cup: Anand Amritraj

first_imgFormer Davis Cup captain Anand Amritraj believes drawing Canada in the play-offs presents India a golden chance to make it to the World Group in next year’s tournament.The Indian team beat Uzbekistan in Asia-Ocenia zonal match in Bengaluru recently and was drawn to meet Canada for a spot in the elite group of the 2018 Davis Cup.Canada & India have never met in #DavisCup! Canada has won 4 play-offs in a row, while India has lost in each of the last 3 years pic.twitter.com/LS3oYi5jSk- Davis Cup (@DavisCup) April 11, 2017Speaking at the Tamil Nadu Tennis Association annual day function here yesterday, Amritraj said in his opinion Canada was the best team to draw from among the eight which had lost in the first round of this year’s competition. “This is our golden chance. If we are going to get into the World Group, this is the year we have to do it,” he said.Amritraj said if Canada didn’t have its top player Milos Raonic playing, India stood a good chance of winning, the best in the last four years.Raonic recently pulled out of the Miami Open after aggravating a right hamstring injury that sidelined him for nearly a month. He had earlier withdrawn from Canada’s Davis Cup World Group tie against Britain after a nagging adductor injury flared up during his recent Australian Open run.Meanwhile, Jeevan Nedunchezhiyan, who won the doubles title at the Aircel Chennai Open earlier this year along with Rohan Bopanna, was chosen for the T K Ramanathan annual award for 2016, for the best player of the year.  advertisementlast_img read more

Read More