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Same-Day Payments 

Get Ready for an Increased Review Rate

In May 2015 NACHA  announced the adoption of same-day payment, or ACH (Automated Clearing House) payment, which allows businesses and customers to benefit from receiving same-day transaction processing. 

 

According to NACHA, eligible transactions account for approximately 99 percent of current ACH Network volume, which explains why this new regulation is going to change the financial rules of the game starting September 2016.

 

The most common uses for ACH payments are:

 

  1. Bills

  2. Mortgage

  3. Payroll

 

Federal Reserve System: Strategies Improving U.S. Payment System

 

 

Currently, most ACH payments are settled on the next business day. Once the new rule is in effect, fraud teams will have substantially less time to review and approve suspicious transactions and will need to hire more people to meet the demand, causing operational costs to increase.

 

 

Behavioral Profiling to Help the Fraud Team

 

BioCatch’s behavioral biometric analysis can automatically authenticate most suspicious transactions (e.g. generated from a new device or location, or adding a new payee) by comparing current and profiled behavior. This means that the fraud team will have fewer transactions to review and can meet the time limits set by the new NACHA same day payment rule.

 

The Benefits

 

  • Meet the time limits for transaction approval set by the Same-day payment rule

  • Reduces the number of transactions for review

  • Reduces operational costs associated with manual reviews

 

 

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