NACHA, the ACH governing body, announced that there will will be a delay in the third daily ACH transaction processing window. As reported by NACHA, this window will be delayed by six months. It will now go live on March 19th 2021, instead of September 18th 2020.
Federal Reserve (Fed) is the main cause of delay. NACHA states in its notice:
Fed will not be able to provide timely notification of its approval for Federal Reserve services necessary to enable the new window by the deadline provided for in the rule.NACHA Official Notice
Once the same day ACH transaction processing window will be live, financial institutions will be able to submit transactions until 4:45 pm Eastern Time. With more and more companies adopting ACH payments, same day ACH will help a lot of businesses resolve their payment issues.
More on this story here: Fed Delay Causes NACHA To Postpone a Third Processing Window for ACH Transactions for Six Months
SafeCharge and Mazooma have signed a deal to provide ACH payments to serve the online sports betting and igaming industry in the United States.
The US Supreme Court had legalized online sports betting in May 2018. Since then, the online gambling industry has seen new and innovation payment methods. Not only do these new methods help reduce fraud, but also enhance customer experience.
eCheck Select from Mazooma will be responsible for ACH payments. This service helps verify bank related information for all customers. At the time of the transaction, eCheck will verifies the individual’s account balance in real time. Based on the verififcation, the transaction will either processed or terminated.
Commenting on the new partnership, CEO Mazooma stated:
“We’re pleased to make our ACH technology available via the SafeCharge Payments Engine. With eCheck Select, igaming operators entering the newly-regulated US market can offer players here a seamless payment experience that increases transaction and onboarding success.” Jamie MacKay, CEO Mazooma
Read more about their partnership here, SafeCharge Signs Deal with Mazooma to Provide ACH Payments to Online Sports Betting and iGaming Operators in US
The world of payments is evolving where handwritten, paper checks are seldom used. Digital payments are the way to go now. Ease of use, payment and processing speed are only some of the reasons why more and more companies are adopting ACH payments as their preferred payment mode.
According to reports, 73 percent of accounting professionals stated that they use ACH payments to clear their clients’ invoices. Learn more about such interesting statistics in the article titled “ACH Shows Signs Of B2B Payments Dominance“