7. Reducing Exeptions
Consumers and businesses alike want convenient, versatile, and secure payment options. As such, a growing number of businesses and consumers are making the conscious decision to use electronic payments such as Direct Deposit via ACH and Direct Payment via ACH. To continue to meet the needs of these businesses and consumers and retain confidence in electronic payments systems, it is important that we work to reduce exception volume.
— Janet O. Estep, president and CEO of NACHA, commenting on a study conducted by the group on bill payment exceptions. The study showed that .58 percent of total bill payments (including checks, ACH, cards and cash payments) in 2011 were not able to be posted accurately upon receipt by billers. Based on this exception rate, NACHA estimated that 130 million payments required exception handling, costing the industry approximately $720 million annually.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio