The ACH Network is off to a remarkable start in 2024, with a 47% surge in Same Day ACH volume and a 10.8% increase in business-to-business (B2B) payments during the first quarter. These numbers underscore the growing importance of faster and more efficient payment methods in today's digital landscape.

The rise in Same Day ACH payments, which reached a record-breaking 95.6 million transactions in March, highlights the strong demand for real-time fund transfers. This trend is further supported by the 27.2% year-over-year increase in the value of Same Day ACH payments, which reached $719 billion.

The robust growth in B2B payments, accounting for 1.7 billion transactions in the first quarter, demonstrates the evolving needs of businesses seeking seamless and secure payment solutions.

If your financial institution still hasn't jumped on the ACH Origination bandwagon, it's time to give us a call! Don't let this lucrative opportunity pass you by! Let this also be a quick reminder to schedule your 2024 ACH Compliance Audit before the 4th quarter crunch. 

(2024, April 23). Same Day ACH and B2B Propel ACH Network Growth in the First Quarter. 

The Faster Payments Council (FPC) recently released a new white paper examining how QR codes can facilitate the adoption of faster payments at the point-of-sale (POS). The paper highlights several important findings:

• QR codes allow for payment initiation by either the merchant at the POS or the consumer via their mobile device. This flexibility makes QR codes a promising technology for driving faster payments acceptance, especially among smaller merchants.
• The FPC's QR Code Interface Work Group found ample evidence that QR code adoption has helped accelerate faster payment acceptance globally. Factors driving this include oversight, support from payment schemes, and the simplicity and ease-of-use of QR codes.
• QR codes offer the potential to bring faster payments to the "last mile" of POS adoption in the U.S. by leveraging their flexibility and simplicity. However, the report notes that the timing and extent of this transition is still uncertain.

Overall, the FPC work group's analysis suggests QR codes could play a key role in expanding access to faster payments, particularly for smaller merchants who may have been hesitant to adopt more complex POS technologies. Banks and credit unions should closely monitor developments in this area to identify opportunities to better serve their merchant customers.

Access the full report.

The annual 2024 AFP Payments Fraud and Control Survey paints a sobering picture of the intensifying fraud landscape facing banks and credit unions. Some key findings:

• A record 77% of organizations were exposed to payments fraud in 2023, up from 71% the previous year.
• Business Email Compromise (BEC) scams skyrocketed 85% year-over-year as cybercriminals exploited remote work vulnerabilities.
• Credit/debit card fraud incidents spiked 20% amid the continued shift to digital payments.
• Ransomware attacks rose 60%, crippling operations and extorting millions from victims.

The report emphasizes the need for financial institutions to implement robust fraud controls, allocate sufficient resources, and continuously adapt strategies. Effective defenses highlighted include chip-and-PIN card security, positive pay, and payee validation.

NEACH Payments Group (NPG) advisors can help strengthen your fraud prevention program against emerging threats. Contact us for a personalized assessment. 

Access the full 2024 AFP Payments Fraud and Control Survey report.

The U.S. Department of the Treasury recently unveiled a comprehensive report on Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Sector. Directed by Presidential Executive Order 14110, the report underscores the Biden Administration's commitment to secure AI integration in finance.

If you couldn't make it to the first quarter NPG Client Town Hall meeting, no worries! You can now catch the recording. Learn about effective strategies in managing contracts and leveraging AI for risk mitigation. Tune in by registering via this link. 

Nacha members have given the green light to 15 revisions to the Nacha Operating Rules. Most of the series of new rules are aimed at diminishing the occurrence of fraudulent activities, including instances like business email compromise (BEC), which exploit credit-push payments. These rules institute a foundational level of ACH payment oversight across all entities within the ACH Network (excluding consumers). While the responsibility for ACH payments remains unchanged by these new rules, receiving financial institutions (RDFIs) will, for the first time, be tasked with a specific role in scrutinizing the ACH payments they accept.

Nacha's Consumer Financial Exploitation Project Team released a new infographic that financial institutions can use to educate their customers about money mules, The You Could Be A Money Mule inforgraphic presents seven key questions to help consumers determine if they have unintentionally been part of a money mules scheme. It also contains a section that financial institutions can customize with their contact information to facilitate reporting. 

The ACH Network saw strong growth in 2023. Overall transaction volume rose 4.8% to 31.5 billion payments, with a total value of $80.1 trillion (up 4.4%). This marks the 11th consecutive year of value exceeding $1 trillion.

Same Day ACH experienced significant growth, with volume jumping 22.3% and value increasing 41.2%. Businesses are also increasingly using the network, with B2B payments growing 10.8%. The ACH Network remains a vital part of the US financial system, and plans continue for expanding Same Day ACH capabilities in 2024.

The Faster Payments Council (FPC) Fraud Work Group issued its first bulletin outlining challenges and opportunities in mitigating faster payments fraud.

This news brief offers two valuable resources to strengthen your organization's resilience in the ACH network:

1. Operational Resilience Whitepaper: Download practical guidance from Nacha and the Global Resilience Federation highlighting 5 key measures to enhance operational resilience, including Minimum Viable Service Levels (MVSLs) and Service Delivery Objectives.

2. Free Tabletop Exercise: Test your preparedness in a simulated major ACH outage. This interactive session, led by experts, covers IT, operations, risk management, and more.

Don't miss this chance to proactively address cyber threats and align with evolving regulatory expectations. Click "Read More" to learn more and access these valuable resources.

The Client Services Coordinator ensures the integrity of records maintained in the NEACH Payments Group database.  This role is critical to guarantee our clients have the best possible experience and NEACH Payments Group meets its contractual obligations.

Stacy Rosenthal, Vice President, Payments Solutions, PayPal joins the Board of Directors
 

Strategic partnership will help NEACH Payments Group clients achieve their business goals with Identifee’s revenue enablement platform built specifically for financial services

NEACH Payments Group was a proud sponsor of the Credit Unions of Rhode Island's 2022 Charity Golf Tournament on July 11, 2022.

NEACH Payments Group was proud to sponsor the Massachusetts Credit Unions' Stephen Jones Credit Union Charity Golf Tournament on June 23, 2022.

These changes will become effective April 18, 2022.

• Value Limit Increase
  • Operating Rule II.C.2 is amended to increase the value limit for a RTP Payment from $100,000 to $1,000,000.

Join NEACH Payments Group’s Sean Carter at the COCC Fall Commercial Services Forum for a presentation on Modernization of Payments: What does it mean for Your End-Users.

Workshops to be based on the DiSC and Sandler models of behavioral assessment and geared to the financial industry.

NEACH Payments Group (NPG) today announced a reseller agreement with Payment Authorities for their Statement Simple Service. 

NEACH Payments Group (NPG) is issuing a Request for Proposal (RFP) to manage its excess funds. Any organization in good standing is welcome to respond to this request. Please share this with the appropriate area in your organization. The complete RFP can be obtained through this link. 

At NEACH Payments Group we have always done things in the best interest of both our employees and our clients.  This year has brought so many new challenges for our staff and yours. The uncertainty of it all still persists and will for the foreseeable future.  With that uncertainty in mind, we have decided for the safety of our staff and yours to make all engagements in 2020 virtual. 

As COVID-19 continues to impact our daily lives, we want to assure you that we are ready and prepared to help you remain compliant. 

Join our experts at BankWorld at Mohegan Sun on January 17, 2020 for more information about our diverse portfolio of audit, risk assessment and consulting services.

NPG staff are speaking and exhibiting at a number of regional and national events, sharing insights into critical developments in payments and what they mean for your organization.