ARLINGTON, Va.—While supportive of a faster payments system, NAFCU remains concerned with implementation of same-day ACH.
In December, NACHA, The Electronic Payments Association, issued a request for comment on a proposal to speed ACH settlement. The proposal outlines allowing ACH payments to be cleared and settled within the same business day, instead of the current two- to three-day window.
In a letter to NACHA regarding its request for comments on same-day ACH, NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt outlined the trade association’s issues.
"NAFCU continues to believe that an industry driven response is needed to implement faster payments," Hunt said in the letter. "Furthermore, any solution that speeds up payments should thoroughly involve all business, operations, risk, technical, fraud and innovation teams."
Given that it appears NACHA will likely move forward with same-day ACH, Hunt wrote, "NAFCU would like to strongly urge NACHA to implement its suggested phased-in approach to implementation."
Broad support exists for same-day ACH. Last year results from an American Payroll Association survey showed that among 1,500 payroll professionals nationwide, more than 90% of respondents indicated that same-day ACH would help them in meeting their payroll needs.