The US Department of the Treasury has announced that the Green Book (a comprehensive guide for financial institutions that receive ACH payments from and send payments (i.e. collections) to the federal government) has just been updated.
You can access the updated version of the Green Book at;
A new research report from Mercator Advisory Group, “Gateways Become Rising Force in U.S. Payments Industry, Part 1: A Market Overview”, provides analysis and insight on the current state of the U.S. payments gateway market, supported by a Mercator Advisory Group e-commerce sales data forecast.
Through a single connection to the MasterCard Send platform, businesses, merchants, governments, non-profits, issuers and other senders can send money to consumers whether they are banked or unbanked, and located domestically or abroad. By digitizing personal payments that are typically handled via cash or check, MasterCard is providing greater convenience, choice and security to both payment senders and receivers in developed and developing markets.
From Mobile Payments Today –
“Earlier this year, the Federal Reserve issued a plan for collaborating with payment industry stakeholders to find a way to enhance the speed, safety and efficiency of what has become an outdated and inefficient system.
One of the Fed's desired outcomes is to improve the speed by which payments clear, particularly those that involve the ACH Network. Though the industry is still a few years from solving that problem, MasterCard Tuesday introduced a system that enables various payment industry stakeholders, including merchants, to sidestep ACH and use the established debit card networks to send funds to consumers in about the time it takes to complete an ATM transaction.
MasterCard Send is being touted as a first-of-its-kind service to enable businesses, merchants, governments, nonprofits and issuers to transfer funds to consumers' checking accounts via any U.S. debit card, including non-MasterCard debit cards.
Send is now live in the U.S., but MasterCard plans to expand it overseas to enable the aforementioned entities to transfer funds into mobile money accounts and cash agent outlets in addition to debit cards.’
“Over the past 40 years, innovators of all shapes and sizes have used ACH to enable an array of payments opportunities. According to Jan Estep, President and CEO of NACHA, the ACH network has been in a state of continuous change to meet the needs of its end-users. Now, the ACH blueprint, she says, will set the course for the network in the future, as it serves as the “backbone” from which payments can grow. MPD CEO Karen Webster sat down with Estep and Jeff Thorness, CEO of Forte Payment Systems, to understand how ACH is being used today, the impact of same-day ACH on payments innovation, and how ACH measures up to next-gen schemes like Apple Pay.”
“If Google’s search engine started keeping bankers hours, people might take to the streets with pitchforks and torches. But a digital payment that takes over 72 hours to clear because you placed it on a Friday night? In the U.S., that’s the status quo.
At Bank of America, mobile payments take at least one business day to process. SnapCash, SnapChat’s new payment system powered by Square, completes transactions in one or two business days; cashing out on Venmo takes the same amount of time. With Google Wallet, it takes three or four. All these transactions go through the same Automated Clearing House network, or ACH, a system that’s over 40 years old.”
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