Insights

Faster is Better, Sometimes

 

Faster is Better, Sometimes


Jun 30, 2019
Financial Institutions

It is finally summer, and I am looking forward to going on vacation and taking a good long road trip.

Over the years my family and I have taken a few road trips to the national parks. Some trips have taken us a few days to arrive at our destination and some did not go as planned and we never made it to our destination.

On one trip, despite having the car checked prior to our departure, it broke down more than once with multiple visits to the car repair shops. We finally gave up and headed back home, renting a U-Haul and towing the car. Our plans to visit the Grand Canyon were postponed for a few years. We did eventually get to see the Grand Canyon but the second time we decided to take a flight there to make sure we made it.

Flying made the travel time quicker and allowed us more time for seeing the sights.

Although sometimes the experience is in the journey, there are situations — like our second trip — where faster is better.

One of these situations is getting your money faster.

We would all like to receive deposits into our account as fast as possible. The National Automated Clearing House Association (NACHA) recognized this, and from 2016 to 2018 implemented a faster payments solution in Same Day ACH.

Same Day ACH will be enhanced in the next three years with the first change effective beginning September 20, 2019.The change will provide faster funds availability for ACH credits.

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Author(s)

Teresa Francis
Teresa Francis, CIA, AAP
Senior Manager, Internal Audit
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