Welcome to Innovating Payments Top 3 News Headlines for the week of Aug. 8, 2022. This issue's top headlines focus on faster and real-time payments. On Aug. 2, Nacha announced that the ACH Network moved 7.5 billion payments, led by the growth of Same Day ACH and business-to-business (B2B) payments. In other news, The Clearing House recently announced that Rusiru Gunasena has joined the company as Senior Vice President, RTP® Product Management and Strategy. He will succeed Steve Ledford, who is retiring. Finally, as the demand for faster payments grows, FinTechs are working to connect financial institutions (FI) and their customers with faster payments options.
Read on to learn more:
1. Same Day ACH Growth Leads ACH Network to Second Quarter Gains (Nacha)
The ACH Network moved 7.5 billion payments in the second quarter of 2022, led by growth in Same Day ACH and business-to-business (B2B) payments. This quarter was the first in which the Same Day ACH dollar limit was $1 million per payment, following the increase on Mar. 18, 2022. There were 185 million Same Day ACH payments transferring $486 billion in the second quarter, respective increases of 24.4% and 94.4% over the same timeframe in 2021. Read more.
2. Rusiru Gunasena Joins The Clearing House as SVP of the RTP® Network (The Clearing House)
The Clearing House (TCH) announced today that Rusiru Gunasena has joined the company as Senior Vice President, RTP® Product Management and Strategy, and will succeed 41-year payments industry veteran Steve Ledford, who is retiring. Gunasena, a payments and fintech leader with over 20 years of experience across multiple industries, joins TCH from Jack Henry, where he was Managing Director of JHA PayCenter™, the faster payments hub that provides financial institutions with seamless connections to the RTP network. Read more.
3. Payrailz and Jack Henry & Associates on the Importance of Placing Real-Time Payments Within Reach of More FIs (PYMNTS)
As demand grows for faster payments, FinTechs are looking to connect financial institutions (FIs) and their customers with payment options. These third-party organizations enable community banks, credit unions and other small or midsized FIs to offer competitive payment options by doing the heavy lifting in terms of technology, payment infrastructure and even liquidity management. Read more.
How is the uptick in Same Day ACH payments affecting your organization? Where is your financial institution in the consideration and adoption of RTP®? How could a FinTech support you in placing real-time payments within reach?
Check back soon for our next issue, which will again highlight the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.
AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.