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Same-Day Processing Moving to Mobile Payments

Everyone deserves a faster way to send money to friends, family and others. To settle US domestic payments more quickly, a lot of proposals and initiatives have been floated so far. There are a bunch of solutions that startups and FinTech firms have brought to the market over the last 5 years. Let’s start with the initiatives taken to make the slow ACH system “faster” (if it sounds to you like building faster horses than cars, you are not alone). NACHA, the electronic payments association, has finally proposed a solution to provide a new, efficient and ubiquitous capability to expedite the processing of ACH transactions. With the new rule, same-day processing of virtually any ACH payment can be enabled. But it will take some time for the rule to become fully effective. Same Day ACH would become effective over three phases during September 2016. The amended rule will provide ACH originators that desire same-day processing the option to send Same Day ACH transactions to accounts at any receiving financial institution (RDFI). While faster ACH is good, it is not really real-time. So what are the other options?

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