HERNDON, Va.–The nation’s top financial institutions are on target to offer same day ACH payments beginning Sept. 23, 2016, according to the results of a new survey conducted by NACHA—The Electronic Payments Association.
Ninety-five percent of respondents indicated they will offer their clients same day ACH origination services by year-end, NACHA reported. The survey identified the two strongest use cases among those offering same day services: payroll and business-to-business (B2B) payments, with 100% planning to offer same-day payroll payments and 95% planning to offer same-day B2B payments, in addition to services for expedited bill pay and person-to-person (P2P).
According to NACHA, the telephone survey, conducted from January to February 2016, queried the plans of 22 of the top 25 ACH-originating financial institutions. While financial institutions will be required by NACHA’s same day ACH rule to receive same day ACH payments beginning Sept. 23, 2016, originating ACH payments, including same-day payments, is optional for originating financial institutions and their clients. NACHA conducted the survey to better understand financial institutions’ intentions for originating Same Day ACH payments this year.
“Financial institutions see the value in providing new, faster payment options to their customers with certainty and surety, and same day ACH allows them to do that in 2016,” said Janet O. Estep, president and CEO of NACHA. “These findings support our earlier research that same day ACH volume will come from use cases like payroll and B2B payments.”
The nation’s largest financial institutions also share a desire to support their clients by moving payments faster with same day ACH. Of those that will offer same day ACH services, 86% will offer it to all of their clients, while 14% will make same day ACH available to select clients, based on need.