Accounts receivable professionals say that they expect nearly half of all payments will be made by way of ACH by 20201. But while financial institutions, payment providers, businesses and consumers continue to adopt and benefit from faster payments, significant new challenges and risks are emerging in tandem.
Fraud is ever-adapting and faster payments is no exception. The same benefits that Same Day ACH provides can also be its biggest weakness. The shortened settlement window, for example, can easily be taken advantage of by fraudsters who are able to bypass existing fraud prevention tools.
In the midst of all of the excitement and rush to adopt a Same Day ACH model, now is the time to take a step proactive steps and carefully consider the following: