How realistic was same-day ACH becoming widespread in 2016?
Payments
Asked by Question Bot09/Jul/20161 answer
1 Answer
F
Faisal Khan
Answered 09/Jul/2016
Very unlikely. There is a lot of opposition to the immediate deployment from the incumbents. Almost everyone on the board of the faster payments initiative, is pushing their own solution or lobbying one.
Most pundits that I have spoken to, including folks at Vocalink, various bankers at SIBOS and some independent ex-regulators, do not see a solution beginning to take shape before perhaps 2017 and maybe a roll-out by 2018/2019 as a system that would be offered in parallel to the existing ACH system.
Fed (Boston I think, can't be 100% sure) put out a report that US is losing out on the advantage of real-time payments and there is a lot of consumer pressure on this issue as well, so eventually the US banking system will gravitate towards it, just not in the schedule that they are writing about.
I believe the situation will get more ugly before it gets better.
Also see my reply on this: Faisal Khan's answer to Why do bank transfers take so long these days still?
Most pundits that I have spoken to, including folks at Vocalink, various bankers at SIBOS and some independent ex-regulators, do not see a solution beginning to take shape before perhaps 2017 and maybe a roll-out by 2018/2019 as a system that would be offered in parallel to the existing ACH system.
Fed (Boston I think, can't be 100% sure) put out a report that US is losing out on the advantage of real-time payments and there is a lot of consumer pressure on this issue as well, so eventually the US banking system will gravitate towards it, just not in the schedule that they are writing about.
I believe the situation will get more ugly before it gets better.
Also see my reply on this: Faisal Khan's answer to Why do bank transfers take so long these days still?