Same-day ACH debits rolled out last month, a year after same-day credits, cutting processing time for these payments from a couple of days to a few hours — but for many emerging use cases, that’s not fast enough. And debit is filling the void.
Rather than waiting one to three days for funds through the Automated Clearing House system, merchants will be able to receive settlement payments straight to their debit cards within minutes through a partnership between Visa and the processor Vantiv.
Mobile wallets and digital payments apps are erasing the distinction between credit and debit, but many issuers still cling to old practices that treat those audiences differently. SunTrust is working to change that.