Same-Day ACH WACHA Electronic Payments Conference April 9, 2013

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1 Same-Day ACH WACHA Electronic Payments Conference April 9, 2013 Steven Cordray Federal Reserve Bank of Atlanta

2 Where this fits with the Fed s strategic focus Our Mission: Continue to foster integrity, efficiency and accessibility of the US payments system Our Vision: FRFS strategic focus on end-to-end speed of payments Our Role: Continue as a major service provider to the interbank market Collaboration: Keep the industry dialogue alive on enhancing faster clearing and settlement of payments Federal Reserve System. Materials are not to be used without consent.

3 Next-Day and Same-Day ACH Defined Today, earliest settlement of ACH forward payments over ACH network is Next-Day service i.e., payments settle the morning of the business day following the processing date Under Same-Day service, a subset of ACH forward payments are processed/edited, distributed, and settled during the current processing day 3

4 Same-Day ACH Timeline FedACH s SameDay Service Phase 1 (Discontinued) August 2010 o Opt-in, consumer debit service o Service failed to gain adoption due to limited payment offerings, low interest rates reduced value in collecting sooner, DFIs waited to see if NACHA s sameday initiative passed NACHA s Expedited Processing and Settlement (EPS) Service August 2012 o Would have mandated RDFIs to accept domestic credit/debit payments o Rule making process took nearly two years o Rule change failed to receive super-majority threshold needed for passage FedACH s SameDay Service Phase 2 (New) April 2013 o Opt-in, domestic credit/debit service 4

5 Opinions vary on why NACHA s EPS ballot failed EPS would negatively impact the more profitable wire transfer business. No inter-bank compensation was offered to RDFIs from lost float on consumer debit payments. Proposal required too many compromises to gain passage. Proposal needed more vetting. Two year implementation time was too short. Proposal was too expensive. NACHA did not make a strong enough business case for corporate originators. 5

6 Despite the failure of the EPS ballot, same-day ACH is needed to keep ACH relevant Check 21 can clear and settle payments faster than ACH Emergency and hourly payroll needs are not being met Corporates wish to move cash concentration and tax payments from legacy ACH to same-day ACH. Online and mobile users expect and need faster payments Mobile and P2P payments are less viable without same-day ACH Alternative payment providers are offering faster clearing and settlement Same-day direct exchange arrangements among large banks are in place (over one percent is already diverted from the ACH network) ACH is falling behind what is available in other countries 6

7 Side-By-Side Service Comparison FedACH SameDay Phase 1 (Discontinued) EPS FedACH (Rule Change Failed to Pass) FedACH SameDay Phase 2 (New) Participation Opt-In for ODFI and RDFI Mandatory for RDFI Opt-In for ODFI and RDFI ACH Operator FedACH Only All FedACH Only Payment Types Consumer Debits All Credits and Debits All Credits and Debits SEC Codes ARC, BOC, POP, RCK, TEL, WEB All except IAT All except IAT, TRC, TRX Dollar Cap $25,000: ARC, BOC, POP $2,500: RCK Unlimited: TEL, WEB $25,000: ARC, BOC, POP $2,500: RCK, XCK $25,000: All Other SECs $25,000: ARC, BOC, POP $2,500: RCK, XCK Unlimited: All Other SECs Effective Entry Date Field Defines Settlement Date Schedule Input Output Settlement Today s date, a stale date or an invalid date Forward Return 2 pm ET 4:30 pm 4 pm 5 pm 5 pm 5:30 pm Today s date w/ Company Descriptive Date Field Forward Return 2 pm 3:40 pm 3:30 pm 5:15 pm 5 pm 5:30 pm Today s date, a stale date or an invalid date Forward Return 2 pm 4:30 pm 4 pm 5 pm 5 pm 5:30 pm Implementation August 2010 September 2014 April 2013 Service changes are shown in bold type relative to Phase 1 service. 7

8 Detailed Service Description Continued opt-in service Full domestic service, expanding the number of eligible ACH payment types from 6 to 14 o This includes all with the exception of IAT (International ACH Transaction), TRC (Check Truncation Entry) and TRX (Check Truncation Entries Exchange). TRC is for NACHA s Deposited Check Truncation (DCT) same-day pilot and TRX is a discontinued SEC code Includes credits in addition to debits Expanded to include consumer and corporate transactions. Government payments are excluded No dollar caps on the additional payment types included; existing dollar caps will remain on the converted check items due to NACHA network rules For return of SameDay forward items, the current return deadline rules apply. Implementation date April 1,

9 Technical and Participation Requirements SameDay and next-day payments can be included in the same ACH input file and can be comingled in the same batch. Non-eligible payments will settle next day SameDay payments are identified using today s date, a stale date or an invalid date in the Effective Entry Date field in the Company/Batch Header record Payments must be originated and received through FedACH Service is opt-in for both the ODFI and RDFI, by agreement, and is available to any FedACH customer For each RTN, participants may choose to be an ODFI-only, an RDFI-only, or both for forward payments RDFI may elect to be either a multilateral or unilateral participant o Multilateral Participants: Allows receipt of payments from all ODFI participants o Unilateral Participants: Allows receipt of payments from one or more ODFI participants; RDFI specifies ODFI(s) in the unilateral participant agreement Monthly list of SameDay participants is available from FRBServices.org 9

10 Comparison of Forward/Return Payment Deadlines in ET Next-Day Service (all forward/return payments) Input file from ODFI 2:15 a.m. 2 p.m. Output file to RDFI 6 a.m. 4 p.m. Settlement 8:30 a.m. (credits), 11 a.m. (debits) 5 p.m. SameDay Service (SameDay-eligible forward payments) Immediate Service (all return payments) Input file from ODFI 2 p.m. 4:30 p.m. Output file to RDFI 4 p.m. 5 p.m. Settlement 5 p.m. 5:30 p.m. SameDay Return Service (SameDay-eligible return payments) 10

11 Forward/Return Payment Flows in ET Forward/return: Input file by 2:15 am, output file by 6 am, settlement of credit payments at 8:30 am and debit payments at 11 am ET Forward Payment Originated by 2:15 am Return Received FedACH Next-Day Day 0 End of Processing Day 3 am End of Processing Day End of Processing Day 3 am 3 am Day 1 Day 2 Day 3 Forward Payment Received by 6 am Four options for returning payment by day 3. If SameDay eligible return, two additional options are available. Return payment no later than opening of business on second banking day after settlement SameDay-eligible forward/return: Input file by 2 pm, output file by 4 pm, settlement of credit/debit payments at 5 pm ET Forward Payment Originated by 2 pm Return Received FedACH SameDay End of Processing Day End of Processing Day End of Processing Day 3 am Day 0 Day 1 Day 2 Day 3 3 am 3 am Forward Payment Received by 4 pm Five options for returning payment by day 2. Return payment no later than opening of business on second banking day after settlement 11

12 SameDay Fees Payment Type Per Item Per Addenda (after surcharges and discounts) (after surcharges and discounts) ODFI Forward $0.006 (6 mils) $ (3 mils) ODFI Return Free Free RDFI Forward Free Free RDFI Return Free Free Transaction charges associated with SameDay payments apply surcharges and discounts to existing transaction fees. 12

13 SameDay ACH Compliments Other Payment Instruments Funds Availability for Various Payment Instruments Wire Transfer Payee 3 Plus Days 1 to 2 Days Same-Day Real-Time Credit Card Next-Day ACH Check 21 Same-Day ACH U.K. s Faster Payments Service Book Entry (PayPal) Cash NACHA s Secure Vault Payments PIN/Signature Debit Card Prepaid 3 Plus Days 1 to 2 Days Same-Day Real-Time Payor 13

14 Consumer to Consumer (C2C) Payment Applications Mobile P2P payments using debit pull, credit push, or split payment model Emergency payments to cover rent or food Transfer urgently required funds to a close relative or friend in another part of the country Account-to-account transfers between personal accounts (push and pull) 14

15 Consumer to Business (C2B) Payment Applications Clear ad hoc (non-scheduled) debit payments (e.g., payments online and at brick-and-mortar stores) same day to accelerate funds availability by one day Just-in-time payment of a credit card or other bill, in order to avoid penalty fees Telephone or Internet purchase, where delivery is required for a specific date Mobile point-of-sale payments using debit pull, credit push, or split payment model Transfer of a relatively large amount of funds to ensure that a purchasing opportunity is not lost 15

16 Business to Consumer (B2C) Payment Applications Salary payments to hourly and temporary employees As mandated in California and elsewhere, same-day payment for terminated employees Contingency payroll Timely correction of payroll errors Reversal of payroll and other benefit payments Payment of expenses to staff, in instances where these are claimed after the payroll closing date 16

17 Business to Business (B2B) Payment Applications Debit pulls by payroll processors from employers to fund same-day payrolls Cash concentration (push and pull) Tax payments Expedited settlement payments Payments requiring immediate funds before goods are released Payment for time-critical goods in instances where trade credit is unavailable from the supplier 17

18 Anticipated Migration of Payments from Next-Day to SameDay ACH Same-Day ACH Type Debit Credit Next-Day ACH Description Share Median Pmt Avg Pmt $1,290 $2,876 ARC Accounts Receivable Entry $90 $265 BOC Back Office Conversion Entry $45 $85 POP Point-of-Purchase Entry C2B 18.6% $51 $94 TRC Check Truncated Entry $33 $57 TRX Check Truncated Entries Exchange N/A N/A RCK Re-presented Check Entry $52 $193 C2B 0.1% XCK Destroyed Check Entry $200 $279 TEL Telephone-Initiated Entry C2B 2.3% $131 $331 WEB Internet-Initiated/Mobile Entry C2B 15.7% $99 $399 POS Point of Sale Entry $28 $64 C2B 0.3% SHR Shared Network Transaction $20 $36 MTE Machine Transfer Entry C2C 0.1% $27 $174 PPD Prearranged Payment and Deposit Entry C2B 18.2% $91 $841 CCD Corporate Credit or Debit Entry $359 $12,994 B2B 4.1% CTX Corporate Trade Exchange $1,203 $18,531 IAT International ACH Transaction C/B2C/B 0.0% $976 $4,494 CIE Customer Initiated Entry C2C/B 0.9% $140 $507 MTE Machine Transfer Entry C2C 0.0% $32 $3,991 PPD Prearranged Payment and Deposit Entry B2C 30.2% $651 $1,368 CCD Corporate Credit or Debit Entry $313 $6,920 B2B 9.6% CTX Corporate Trade Exchange $958 $46,143 IAT International ACH Transaction C/B2C/B 0.0% $371 $8,890 SEC Migration from Next-Day ACH to Same-Day ACH Low High 18

19 Additional Resources More detailed information is available at o Fee information is available at o Visit My FedDirectory for contact information o FedACH SameDay Service Participant Lists o 19

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