Understanding Same-Day ACH

Posted by Deborah Peace on Dec 19, 2018 9:30:00 AM

Understanding the Various Payments Systems Series: Part 1

Over the last several years, the payments landscape has changed drastically with improvements in speed and convenience for consumers and businesses alike. There are now more ways than ever before to process transactions quickly and with ease.

When PayPal first hit the market in 1998, the idea of eWallets was introduced. Then in 2014, Apple launched their mobile wallet service, Apple Pay. Since then, there has been an insatiable appetite for fast, immediate payment methods, including Zelle, SquareCash, same-day ACH and most recently, The Clearing House’s real-time payments system, to name a few.

With so many payments methods, it can be confusing, especially when coupled with terms like “instant payments” and “push payments.”  However, not all faster payments methods are equal.

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Topics: Same-Day ACH

3 Tactics Used by Fraudsters to Exploit Same-Day ACH

Posted by Deborah Peace on Dec 12, 2018 9:30:00 AM

According to recent transaction data from NACHA, same-day ACH is growing rapidly. During the second quarter of 2018, there were nearly 42 million same-day ACH transactions – an increase of 243 percent compared to the second quarter of 2017. As a result of this growth, NACHA announced three new rules, which will expand the same-day ACH processing window by two hours and increase the per-transaction limit to $100,000.

With new rules and expanded capabilities, businesses and consumers alike will increasingly realize the advantages and convenience of same-day ACH, however, fraudsters also stand to benefit. Cybercriminals now have the ability to access and move funds faster than ever before. At the same time, financial institutions have less time to process and ensure the validity of transactions.

In response, financial institutions must be prepared to address attempts by fraudsters to exploit the system, but to do so, they must first understand the tactics used.

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Topics: Same-Day ACH

How to Empower Your Business Customers With Actionable Fraud Prevention Tools to Support Strong Growth in 2019

Posted by Deborah Peace on Nov 28, 2018 9:30:00 AM

Over the last several years, the U.S. economy has seen significant growth in small businesses, surpassing 30 million individual businesses and representing 99.9 percent of all businesses in the U.S. These businesses fuel local communities by creating jobs and revenue, making it imperative that their bank partners help ensure profitability and growth in 2019.

This is especially important as industry forecasts indicate a slight plateau in growth. In fact, Kiplinger expects 2019 growth to slow to 2.7 percent from 2.9 percent this year. In their recent forecast, they go on to explain that while Americans will keep spending at a healthy rate because of higher wages and low unemployment, the tight labor market will make it difficult for businesses to expand.

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Topics: Fraud Prevention

With Growing Use of Same-Day ACH, Fraud Prevention Must Keep Up

Posted by Deborah Peace on Nov 14, 2018 9:30:00 AM

How can financial institutions heighten security measures on transactions while guaranteeing consumers a faster payments process?

In August 2018, the volume of transfers via the ACH Network hit an all-time high – exceeding 2 billion transactions alone according to NACHA. Together, the value of those payments totaled $4.5 trillion, a 12 percent increase from the same time last year. These statistics prove consumers are increasingly using ACH payments for more regular, predictable transactions.

To keep up with demands, financial institutions need to take their payment processing abilities to the next level – and same-day ACH is the way to achieve this. But with the improved experience comes potential new challenges and liabilities that must be considered.

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Topics: Same-Day ACH

Michigan State University FCU Monitors More Than $8.5 Million in Seven Months with ACH Alert

Posted by Deborah Peace on Nov 7, 2018 9:30:00 AM

Credit union expands business service offerings with positive pay solutions that empower members with greater control over accounts

According to Experian’s 2018 Global Fraud and Identity Report, 65 percent of businesses have experienced the same or more fraudulent activity compared to the previous year, making it critical for financial institutions to empower their corporate account holders with greater control to combat fraud and the financial risks associated with it.

By arming business members with actionable treasury management solutions that are supported by interactive fraud prevention tools, financial institutions can empower business members to proactively prevent check fraud and dispute unauthorized ACH debits in a timely manner, before the funds ever leave their account.

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Topics: Fraud Prevention

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