With momentum accelerating behind faster payments on the automated clearing house, fraud prevention is taking on a higher profile at the nation’s banks. In the latest move, Bank of America Corp. on Thursday introduced ACH Positive Pay on its CashPro mobile app. The move will let app users review and then approve or reject transaction requests any time on a smart phone or smart watch.
BofA says the new feature, which has been available to users of the CashPro service online, will bring significant convenience to business users, who will now be able to monitor transaction flows at any time regardless of whether they have access to a desktop computer. The feature also comes as faster payment processing builds on the ACH network. With same-day processing, transactions are moved and settled on the same day they are initiated. Traditionally, ACH transactions follow a next-business-day settlement routine.
“Without the proper controls in place, clients are open to significant risk when sizable ACH debits on their accounts can occur late in the day, ” David Kretz, head of global payments and GTS strategy in the Global Transaction Services unit at BofA, says in a statement. “With mobile access to ACH Positive Pay, clients can make time-sensitive decisions from any location and reduce their concerns about missing return deadlines.”
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In 2021, BofA clients using the online version of the CashPro App approved payments totaling $384 billion, twice the volume handled in 2020, BofA says. “With ACH Positive Pay, the app now has more ways that clients can make real-time decisions, which for ACH, will carry greater significance when same-day ACH limits are increased, ” says Tom Durkin, global product head of CashPro in the Global Transaction Services unit, in a statement.
Using ACH Positive Pay, businesses can create a list of approved vendors for payments, though the approvals carry expiration dates and ceilings on sums that can be paid to any particular vendor.
Same-day activity is widely expected to get a big boost from a network rule change set to take effect later this month. The new rule will lift the cap on same-day transactions to fully $1 million, a 10-fold increase from the current limit. The change was widely requested by ACH participants.
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Nacha’s decision to raise the limit follows other moves the organization has made recently to facilitate same-day ACH. In March last year, the network added a new settlement window at the end of the processing day to extend the time in which banks can handle same-day items. As a result, the latest daily deadline for same-day ACH has moved to 4:45 p.m. Eastern Time, two hours later than the former cut-off. The move in part was a response to banks in the Pacific time zone that now have more leeway to enter same-day volume.
Nationwide, same-day volume, which includes both credits and debits, has shown vigorous growth since Nacha, the governing body for the ACH network, introduced same-day credits in 2016. Debits followed the next year. Total same-day volume came to 169.3 million transactions in the fourth quarter last year, up 75% year-over-year. Dollar volume was $268.4 billion, a 93% increase.With business clients from Bank of America using mobile devices to manage their treasuries and payments more often, the bank is rolling out its new ACH Positive Pay on its CashPro App, according to a Thursday (March 10) press release.
Per the release, ACH Positive Pay is already available for business clients on the bank’s online version of CashPro. Now, clients will be able to review, approve and reject incoming transaction requests that come through the U.S. Automated Clearing House (ACH) via their mobile devices.
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All of this goes along with Nacha’s changes to the Same Day ACH limits that are scheduled to happen this month. That will let the value of same-day debits and credits go up to $1 million per transaction — far higher than the previous $100, 000 limit.
“Without the proper controls in place, clients are open to significant risk when sizable ACH debits on their accounts can occur late in the day, ” David Kretz, head of Global Payments and GTS Strategy in Global Transaction Services at Bank of America, said in the release. “With mobile access to ACH Positive Pay, clients can make time-sensitive decisions from any location and reduce their concerns about missing return deadlines.”
Payments approved on the CashPro App doubled last year to $384 billion, and Tom Durkin, global product head of CashPro in Global Transaction Services at Bank of America, said it was clear that the bank’s “clients increasingly trust the app to conduct every-day and critical cash management operations.”
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Wrote that Bank of America saw a 16% year over year increase in total consumer payments in February, hitting $294 billion.
The company said it saw “a strong continuation of payment and spending trends in February, another positive sign of the strength of U.S. consumers, ” according to Bank of America Head of Consumer and Small Business Products Mary Hines Droesch.
All of this goes along with Nacha’s changes to the Same Day ACH limits that are scheduled to happen this month. That will let the value of same-day debits and credits go up to $1 million per transaction — far higher than the previous $100, 000 limit.
“Without the proper controls in place, clients are open to significant risk when sizable ACH debits on their accounts can occur late in the day, ” David Kretz, head of Global Payments and GTS Strategy in Global Transaction Services at Bank of America, said in the release. “With mobile access to ACH Positive Pay, clients can make time-sensitive decisions from any location and reduce their concerns about missing return deadlines.”
Payments approved on the CashPro App doubled last year to $384 billion, and Tom Durkin, global product head of CashPro in Global Transaction Services at Bank of America, said it was clear that the bank’s “clients increasingly trust the app to conduct every-day and critical cash management operations.”
Bank Of America Thought Of Month 2022
Wrote that Bank of America saw a 16% year over year increase in total consumer payments in February, hitting $294 billion.
The company said it saw “a strong continuation of payment and spending trends in February, another positive sign of the strength of U.S. consumers, ” according to Bank of America Head of Consumer and Small Business Products Mary Hines Droesch.
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