NACHA has issued a request for comment on its proposal to make funds available to consumers by the end of the same business day instead of the next day. Banks would be required to upgrade their systems to accommodate same-day payments, so NACHA proposes instituting a flat fee of 8.2 cents per transaction to be paid by the originating bank to the receiving bank to help recover costs related to the upgrades. The proposal also allows for an automatic adjustment to decrease such fees, with an increase in same-day transactions. Comments on the proposal are due Feb. 6.
Same Day Payments is a goal sought by many, but it has significant consequences for the payments industry in terms of implementation costs, fraud risks and the potential impacts on overall profitability for many payment programs relying on ACH.
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