Same Day ACH, Third-Party Sender Registration and Other Payments Initiatives, Oh My! Discussion. Faster Payments. Central OK AFP March 23, 2017
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1 Same Day ACH, Third-Party Sender Registration and Other Payments Initiatives, Oh My! Central OK AFP March 23, 2017 Wendy Wishon, AAP, NCP EPCOR 2017, EPCOR. All Rights Reserved. 1 Discussion Faster Payments Same Day ACH FRB Faster payments TCH RTP Other Third Party Sender Registration Other Payments Initiatives 2017, EPCOR. All Rights Reserved. 2 Faster Payments Why Faster Payments? Stay competitive End user expectations What exactly are faster payments? Real Time vs. Near Real Time Money in my account OR Knowing the money will be in my account 2017, EPCOR. All Rights Reserved. 3 1
2 Same Day ACH Rules change that allows for Same Day Settlement of certain ACH Entries Amount less than $25,000 ALL SEC codes except IAT Effective Entry Date = Today RDFIs must receive Two Same Day Settlements per day Credits started September 2016 Debits September , EPCOR. All Rights Reserved. 4 Same Day ACH Impact to Corporate Users Current Same Day Credits May receive ACH Credits until 4 pm CT Posted to your account today Must credit payer as of today May originate Same Day Credits Review the Potential Use Cases Prenotes Identifier Effective Entry Date Talk to Your Bank 2017, EPCOR. All Rights Reserved. 5 Same Day ACH Impact to Corporate Users September 2017 Same Day Debits May Receive ACH Debits until 4 pm CT Posted to your account today Returns time frame remains unchanged May Originate Same Day Debits Effective Entry Date = Identifier Agreement with trading partner/consumer Can t post before authorized date Talk to your bank 2017, EPCOR. All Rights Reserved. 6 2
3 FRB Payments System Improvement 2015 Published Strategies for Improving the US Payment System Progress Report issued January 2017 FPTF Reviewing Draft of Final Report 2017, EPCOR. All Rights Reserved. 7 FRB Payments System Improvement Five Strategies Stakeholder Engagement Faster Payments Payment Security Payment Efficiency Enhanced Federal Reserve Services , EPCOR. All Rights Reserved. 8 The Clearing House RTP System Real Time Payments System Clearing and settlement system to support real time payments in the US Credit Push Irrevocable Settlement 24/7 365 Tokenized transactions Combines payment, data and messaging capabilities ISO Will be open to all US Financial Institutions Partnering with industry organizations , EPCOR. All Rights Reserved. 9 3
4 Non-Bank Faster Payments Initiatives App Owner Benefits PopMoney Fiserv / CheckFree Dwolla Dwolla API to Alternative Faster move money Payments Google Industry-leading risk management VenMo PayPal Fastest-growing P2P app Free when linked to bank account, debit or credit card Wallet Integrating P2P transfers within your business s own platform Google Faster delivery Zelle Early Warning / ClearXchange Synchronized money movement with other Google accounts New in % of current mobile banking customers Third-Party Sender Registration Rule September 27, ODFIs will be required to register with NACHA All Third-Party Sender Relationships OR Attest they have no TPS relationships Purpose Understand number of TPS entities Manage risk in the ACH Network Ensure ODFI minimum due diligence 2017, EPCOR. All Rights Reserved. 11 Other Payments Initiatives NACHA RFI DFI Messaging Comments due 3/24 Using addenda records to make common requests copy of WSUD, request for return, copy of authorization, etc Pending RFI ACH Data Security Phase 2 Account Information Security Ongoing efforts to improve ACH data security Looking for Industry input on security at the DDA level Third-Party Sender Certification NACHA developing voluntary program for TPS to be certified 2017, EPCOR. All Rights Reserved. 12 4
5 Other Payments Initiatives NACHA RFI DFI Messaging Comments due 3/24 Pending RFI ACH Data Security Phase 2 Account Information Security Third-Party Sender Certification FRB - Adoption of ISO for Wire Transfer and ACH Payments Domestic wires to begin using ISO standards in , EPCOR. All Rights Reserved. 13 Questions? Wendy Wishon, AAP, NCP Senior Vice President wendyw@epcor.org 2017, EPCOR. All Rights Reserved. 14 5
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