As the industry prepares for same-day debits later this year, strong use cases will become available via debit SEC Codes, such as ARC, BOC, POP, TEL and WEB,. Financial institutions and Originators will want to explore the potential new opportunities available with same-day debits.
With these newly eligible SEC Codes, Originators will have more flexibility in payment types, but ODFIs and RDFIs need to be familiar with the requirements of these applications and how the faster settlement of the items could impact their operations. The availability of ARC, BOC, POP, TEL and WEB as same-day debits allow for increased convenience, but all financial institutions must remain diligent in ensuring their obligations related to these SEC Codes are met.
Expanded availability of these SEC Codes allows for more flexibility for Originators and ODFIs and could allow RDFIs to address exception items more efficiently.
May 09, 2017
1:30 PM - 3:00 PM Eastern Daylight Time