Opportunity is Knocking, Will You Answer?
Published: September 24, 2015
Sam Tuohey, executive vice president and chief operating officer of KeyPoint Credit Union says Same Day ACH marks the largest improvement in financial services infrastructure in decades - since the advent of online banking and debit/point of sale.
One of the biggest changes in the last 45 years in U.S. payments systems happened recently, and it went unnoticed by major media.
Same-day ACH was approved by NACHA's voting membership in May, and this change marks the largest improvement in financial services infrastructure in decades - since the advent of online banking and debit/point of sale. It will be a gradual process to get transactions to move at the speed of light, but same-day ACH marks a major step forward in helping people's financial lives now.
Today's customers expect that their money moves when they want it to move. They believe that it happens instantaneously and that it should. Serving the high-tech industry in Silicon Valley, our members are even more prone to feeling that their payments should move in 4G time - which is why my credit union will leverage same-day ACH as soon as possible. We see it as a really strong pro-consumer move, and it's why we want to be there first...