The biggest US banks have backed a new service that lets you pay friends faster than Venmo

After six years, the big banks have finally debuted “Zelle,” their competitor to Venmo that works inside the apps of participating banks. Zelle is meant for casual person-to-person payments, like paying someone back for dinner or splitting a utility bill. All you need to send money to someone is their email address or phone number. If this sounds like Venmo, that’s because it is very similar in functionality.

Same–Day ACH for Debits Began Earlier This Month

Same–Day ACH for Debits Began Earlier This Month

NACHA—The Electronic Payments Association®, the steward of the ACH Network, has announced the launch of Same Day ACH for debit payments. Same Day ACH is a faster payments option that reaches all U.S. bank accounts and enables businesses and consumers to send and receive payments and payment-related information on the same day through the ACH Network.

Electronic UI Reports, Payment Requirements Growing in 2018

Electronic UI Reports, Payment Requirements Growing in 2018

In Nevada, the Department of Employment, Training and Rehabilitation seeks comments on a proposed amendment to the administrative code that would require all employers to electronically file unemployment insurance contribution and wage reports, effective July 1, 2018. If the amendment is adopted, Nevada would join 19 states that require electronic filing for unemployment insurance for employers in 2018.

ACH Withdrawal Transaction Changes Coming Soon

ACH Withdrawal Transaction Changes Coming Soon

The National Automated Clearing House Association will be implementing Phase 2 of the new ACH processing rules.  This rule change will address the posting process for withdrawal transactions. Effective September 15, 2017, electronic (ACH) withdrawal transactions may post to your account on the same day they are initiated.

ACH Network Volume Growth for 2017 Q2

ACH Network Volume Growth for 2017 Q2

In Q2 2017, the ACH Network transferred 5.3 billion Direct Deposits and Direct Payments, up 5.8 percent over Q2 2016. In value, the Network moved $11.6 trillion, an increase of 7 percent over the second quarter of 2016. This quarter, native electronic payments grew 7.4 percent, while check-initiated payments continued its decline in use, decreasing 10.5 percent.

2020 Faster Payment Systems Goal

2020 Faster Payment Systems Goal

In late July, a Federal Reserve task force asked to make faster payment solutions available for all consumers and businesses from the U.S. Financial System. Check out some of the latest updates from this request, below. The Federal Reserve Faster Payments Task Force issued a final report that recommended a framework for rules, standards and…

Phase 2: Same Day ACH Moving Payments Faster

Phase 2: Same Day ACH Moving Payments Faster

Software Corporation International integrates specific FTM Applications, including FTM ACH Services. We support the processing of ACH transactions, including ingestion, validation, transaction management, and distribution. Check out this article regarding how new rules of Same Day ACH are being implemented to help businesses reach a faster processing environment!  New capabilities of Same Day ACH become…