The implementation of same-day Automated Clearing House (ACH) transactions has been getting a good amount of media attention lately. American Bankers Association (ABA) believes that widespread adoption of same-day ACH transactions represents a fundamental step to promote faster payments across the entire industry.
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In terms of fraud operations, right now most banks processes have a 2-day timeframe to tell the Federal Reserve that they want to return the ACH debit. With Same-Day ACH, banks will be forced to reengineer their entire fraud program and compress all their current processes into the 2-hour window. Subsequently, all ACH fraud prevention processes will have to start to be automated for those transactions.
Is your credit union prepared for these changes?
For information about real-time transaction monitoring download this whitepaper: An Introduction to Transaction Anomaly Detection.