Usain Bolt is fast and his stunning performances at his third Olympics proved it. Fiber optic internet is really fast too and once you’ve tried it, there’s no going back. My six year old son so is fast I can’t catch him. ACH or eCheck payments…well, they’re slower than molasses uphill in the winter compared to any electronic payment contemporary. And they’ve proven that since their origination in 1974. But, as Dylan said, “the times they are a chang’n.”
How does same day ACH (eCheck) delivery of funds sound? Exactly, it’s awesome! Currently, it’s on the immediate horizon and it’s exciting to all banks and credit unions nationwide. Here’s the roll-out plan. Phase one of the Same Day ACH initiative goes live on Sept. 23. It will be for credit transactions only. This will include three daily settlement windows five days per week. Debit transactions will follow suit in phase two in 2017. Individual and business transactions will improve in efficiency literally overnight. Both phases will affect all 14,000 plus banks in the US on day one.
This is huge for the insurance industry when most renewals come down to the last minute to bind coverage. 70% of all electronic payments are ACH’d funds. The faster these receivables can be delivered the more insureds are bound at the time of renewal without risk of lapse of coverage or heaven-forbid a claim over the weekend.
ePayPolicy has it’s eyes set on adopting this technology asap. As soon as payment processors are green-lighted for this technology, we’ll be the first in line to adopt, implement, and roll-out to our clients.
And I promise you this. It will be faster than my darting six year old with an Oreo cookie!