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.
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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.
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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…
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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…
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