Same Day ACH Cash In On It

Same-day ACH will soon be a reality for U.S. financial institutions, and the change could mean that certain product offerings and new data about members may become much more lucrative for credit unions.

One of those opportunities for credit unions may be in bill pay.
About half of the ACH network today is supporting consumer bill pay, So when you consider your basic bill-pay application, think about it and say, are you enabling your consumer to pay a bill directly from the account they have with you – and giving them the option to do that on the same day?

The way most credit unions have constructed their systems over the last 10 or 15 years is that they use an outside service provider for all the different capabilities, They’ll link out to a bill-pay provider or to an account-to-account provider or P2P. That's a huge obstacle for them to take advantage of the ACH, because the ACH change will impact the businesses of all those digitech organizations that provide those services to the credit union.

With the new rules, credit unions could use same-day ACH to move money for $0.052 per transaction as opposed to $0.30 to $0.80 per transaction they typically pay to a bill-pay provider.

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