Bringing New Solutions to One Person at a Time
Published: December 14, 2015
Stacy Nascimento, AAP, vice president and product manager, treasury and payment solutions, at Webster Bank describes how Same Day ACH can enable peer-to-peer (P2P) payments.
Commentary: Same Day ACH - Bringing New Solutions to One Person at a Time
Every year, I need to get a dryer vent cleaning done at my condo and use the same small businessman to perform the job. And every year, I have to write him a check, but first, I have to find my checkbook since I write so few checks these days. Cash is preferable to him – he just wants to get paid as soon as possible – but I never seem to have cash on hand. In the end, neither of us has the payment handled the way we want.
Wouldn’t it be easier if I could take out my mobile phone and send an electronic payment directly to his bank account, with his payment arriving that same day? Every time we go through this scenario, I’m reminded of how much the payments industry really needs to catch up.
The good news is that when Same Day ACH is implemented, it will be a significant step towards doing that very thing. It gives financial institutions a way to provide their customers what they are asking for: a simple way to pay and get paid...