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SAME DAY ACH CLEARING & SETTLEMENT: THE REVOLUTION OF FASTER ACH PAYMENTS

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S

AME

D

AY

ACH

C

LEARING

& S

ETTLEMENT

:

T

HE

R

EVOLUTION

OF

F

ASTER

ACH

P

AYMENTS

Presenters:

Sally Dievendorf, TD Bank

Denise Grosso, TD Bank

Laura Clary, Fiserv

Manny Evangelou, TD Bank

(2)

Welcome to PAYMENTS 2015

PAYMENTS 2015 Mobile

App: Check-in, access presentations and

complete evaluations on the mobile app. Available on iTunes and

GooglePlay, search “PAYMENTS 2015”

WiFi: Complimentary Internet access is available in session rooms

via the PAYMENTS network, user name and password: opentext

CECs: Most sessions count toward continuing AAP accreditation.

Learn more about becoming an AAP at the NACHA and RPA booth

in the exhibit hall.

Join the Conversation on Twitter: @NACHA_PAYMENTS

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4

Provide a creative influence on Same-Day ACH

strategic thinking

Demonstrate specific examples of Payment

Scenarios that reflect Same-Day ACH through

Role-plays

Offer a glimpse into the Technical and

Operational efforts being made to prepare for the

Revolution of Same-Day ACH

Share high-level considerations for Same-Day ACH

and insight about faster payment channels

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5

Evolution of Same-Day ACH

Past, Present &

Future

Use Cases of Same-Day ACH

"Emergency Payroll"

"Cash Crunch"

Strategic Thinking

Customer Centric Approach

Business/Technology/Vendor Approach

Ongoing Considerations

Future in Motion

References & Links

Q & A

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...2010

2013…2015

2016

2017

2018

NACHA's Phased Approach

Phase I

Phase II

Phase III

• Typical Operator Next Day Settlement for Current Effective Dated Entries

• NACHA's Same-Day ACH Phased Proposal

Where we are:

Where we were:

September 2016 September 2017 March 2018

• Federal Reserve's Pursuit of a Better Payment System

• Perceived Same-Day Settlement for On-Us / By-Us Originated Items

• FED ACH Same-Day Service (Opt-in)

• Direct Exchange

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Use Case "Emergency Payroll"

Same-Day ACH Credits Settlement

Originator

Never Late, Inc.

Normally submits Friday's Payroll Wednesday afternoon

Receiver Jo PayMe

Works for Never Late, Inc. and Relies

on Paycheck for Month-to-Month Bills

R.D.F.I. CFPB, N.A.

Memo-Posts credits on Collection Intra-Day (NACHA Phase I , II – by EOD,

Phase III – by 5 p.m. RDFI Local Time)

O.D.F.I.

Dodd Frank, N.A.

Distributes ACH entries multiple times per Day

(Same-Day ACH Windows: 10 a.m. and 3 p.m. EST)

ACH

Network

Originator ODFI RDFI Receiver

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Use Case "Cash Crunch"

Same-Day ACH Debits Settlement

• Strategically Memo-Posts debits on Collection Intra-Day • Makes timely payment

arrangements with

PaymeNow, Inc. to debit his account on July 17th.

• Strategically distributes ACH entries multiple times per Day

• Originates ACH Debits as Rendered Payments to cover Consumers Utility Usage and Management

Originator

ODFI

RDFI

Receiver

PaymeNow, Inc. Dodd Frank, N.A.

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Customers

Customer Centric Approach

Technology Operations

ACH Network Same-Day ACH

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10

Operations/Technology/Vendor Approach

Strategic Thinking

System Logistics

Enhancements, Costs,

Timelines, Impact, Constraints

Customer Awareness

Education, Managed Expectations,

Delivery, Service

Funds Availability

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Regulatory

Compliance, Time Order Posting,

Reg E, NACHA Rules

ACH EDI & Returns

Reporting Obligation

Operational Processing

Reconciliation

Billing, Expectations, Reporting

NACHA Phased Approach

Phase 4?

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Future in Motion

United States:

o NACHA Proposal for Same Day ACH (Phases I,II, III) o Federal Reserve Pursuit of a Better Payment System

Payment System Improvement – Public Consultation Paper (Sept. 2013) o The Clearing House Initiative for Secure Real-Time Payment System

Other Countries:

o UK Faster Payments Service (FPS) o Australian Real Time Payments

o Singapore G3 Immediate Payment System

Consider this…

If the ACH Network does not capitalize, who will?

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References & Links

https://www.nacha.org/content/same-day-ach

https://fedpaymentsimprovement.org/

https://www.theclearinghouse.org/press-room/in-the-

news/2014/10/20141022-tch-to-develop-real-time-payments-system

http://www.fasterpayments.org.uk/

http://www.apca.com.au/about-payments/future-of-payments/real-time-payments

http://www.euromoney.com/Article/3303735/Singapore-

closes-in-on-real-time-payments-as-Australia-prepares-for-mandate.html

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Jared Ramsey, AAP VP, Operations Manager US Payments Services Division

TD Bank

Jared.Ramsey@td.com

Denise Grosso, AAP

VP, Sr. Lead Business Systems Analyst US Technology Solutions

TD Bank

Denise.Grosso@td.com

Laura Clary, AAP

Director, Product Management Payments Group

Fiserv

Laura.Clary@fiserv.com

Judith Dunn, AAP

VP, Projects Specialist Manager US Payments Services Division

TD Bank

Judith.Dunn@td.com

Emanuel "Manny" Evangelou VP, Sr. Business Systems Analyst US Technology Solutions

TD Bank

Emanuel.Evangelou@td.com

Thank You!!

Sally Dievendorf, AAP VP, Operations Manager US Payments Services Division

TD Bank

References

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