Electronic Checks

A proposal to speed up processing on the automated clearing house network from next-day to same-day settlement will go to a ballot among NACHA voting members as early as next month, according to information posted this week on NACHA’s Web site. NACHA took comments on the proposal from early in …

By John Stewart While payments executives are abuzz about how mobile devices are transforming the business, they are slowly coming to realize that not all mobile users—and certainly not all mobile devices—are equal when it comes to such metrics as the average value of payments and rate of usage. The …

NACHA on Tuesday opened for comment a sweeping proposal to introduce a same-day settlement mechanism for the automated clearing house network. The comment period will run through Feb. 6, the regulatory body for the ACH announced. If the proposal is approved, the ACH network will process almost 1.4 billion same-day …

Financial institutions, processors, and regulators have been moving toward systems that speed up electronic payments, but ironically their success in replacing paper checks with electronic processing may undermine their efforts. That’s because image exchange, the process by which paper checks are replaced by electronic images for clearing, has driven down …

For the past decade, image exchange has been one of the undisputed success stories of electronic payments—so much so, in fact, that nearly all banking and retail executives take it for granted that paper checks will clear as images and funds will likely settle the same or next day. But …

Transactions using mobile wallets totaled at least 250.6 million and amounted to at least $9.5 billion in value in 2012, according to a payments report issued Thursday by the Federal Reserve. These results, part of a comprehensive update to a study released in December, represent the central bank’s first effort …

With its abrupt move over the weekend to discontinue mobile remote capture of checks, PayPal Inc. has puzzled payments experts and vexed at least some users. Some PayPal devotees took to Twitter on Sunday to post their reactions, which were generally negative. “I was told today you all won't be …

The national automated clearing house network enjoyed its second-strongest first-quarter performance in the past five years, with 3.8% transaction growth year-over-year, according to statistics released Monday by NACHA, the network’s administrative agency. n The new growth energy comes as the 40-year-old electronic payments network readies a proposal to speed up …

As mobile remote deposit capture continues its transition from niche to mainstream financial service, a new study affirms earlier research that bankers’ fears about losses were largely overblown. At the same time, mobile remote-capture newbies do a less sophisticated job of risk management than their more experienced colleagues. The findings …

A fresh proposal to introduce a same-day settlement capability for the automated clearing house network is encountering cautious optimism mixed with a healthy dose of skepticism among expert observers. But NACHA officials clearly see the new proposal not only as a blueprint for speedier payments but also as a first …