Payments News


PayThink column: An old law brings a fresh compliance challenge to faster payments

“Financial institutions providing same-day delivery of good funds via ACH transfers more than ever will need to be vigilant to ensure that their systems protect their customers, are commercially reasonable and, most important, follow strictly the protocols the financial institution has agreed to with its customer. A deficiency in any of the three will result in unnecessary liability to the financial institution. Security protocols written prior to the advent of same-day delivery of funds through ACH transfers need to be revisited to determine their commercial reasonableness in today’s environment.”