The Future of Payments: 5 Key Trends from Nacha Smarter Faster Payments 2024

Last week, ValidiFI, alongside thousands of payment professionals, gathered in Miami at the Nacha Smarter Faster Payments 2024 conference—the premier event in payments for attendees to network and learn about emerging trends. Here are the 5 key trends that were discussed.

1. Open Banking

On October 19, 2023, the CFPB released the Notice of Proposed Rulemaking for the Required Rulemaking on Personal Financial Data Rights. With the final rule expected to be released later this year, there were many discussions around how the requirements will impact financial institutions and fintechs. The industry is supportive of building a new foundation of rules for open banking, but data security and liability responsibilities remain significant concerns.

2. Pay by Bank

If you’ve sent a friend money, made a micro-investment, or purchased cryptocurrency, you likely have already used a “pay-by-bank” experience. In a Pay-by-Bank session, panelists discussed how the new “branding” of bank account payments, or pay by bank, has emerged as a trending topic as market leaders like Airbnb, Uber, and Walmart introduce bank payments in non-traditional checkout experiences.

With the rise of pay-by-bank methods, it’s crucial to verify bank accounts to protect against ACH fraud and other risks. Using tools like vAuth can employ real-time authentication for a fast, seamless experience that assures safe transactions and peace of mind.

3. Fraud Prevention

The growth of instant credit push payments is generating special interest to better identify mule and scam accounts. A new Nacha fraud monitoring rule, effective March 2026, requires ODFIs to establish and implement risk-based processes and procedures reasonably intended to identify ACH Entries initiated due to fraud.

Third-party fraud solutions like vFraud can help reduce successful fraud attempts by identifying invalid contact details, such as incorrect phone numbers and bank account numbers, and detecting frequent changes in Personally Identifiable Information (PII).

4. Instant Payments & 7/365 ACH Processing

Excitement continues to grow around faster payments and new use cases leveraging RTP, FedNow, and Same Day ACH. Instant penny deposits via RTP and FedNow are replacing next-day micro-deposits. With nearly 100 million transactions per month, Same Day ACH also supports organizations in clearing payments more quickly.

On May 3, 2024, the Federal Reserve Board announced that it is requesting comments on a proposal to expand the operating days of the Fedwire Funds Service and the National Settlement Service (NSS) to include weekends and holidays. Nacha released a statement supporting the expansion, citing the change would allow Americans who work on the weekends and holidays to get paid via direct deposit sooner than the next banking day.

5. Bank Account Validation

During a session, panelists highlighted the efficacy of leveraging tools like Phixius by Nacha—a peer-to-peer payment information network—and third-party providers like ValidiFI. By utilizing these resources for verifying bank information, businesses can effectively mitigate risks, streamline costs, and ensure compliance with regulatory standards.

In conclusion, the Nacha Smarter Faster Payments 2024 conference shed light on key trends, regulatory advancements, and the evolving landscape of faster transactions shaping the future of payments. We came away with valuable insights and hope you did as well. Financial institutions, fintech, and payment providers are looking for the right technology and solutions to ensure compliance, reduce risks, and advance their businesses into the future.

ValidiFI is the leading provider of predictive bank account and payment intelligence. Leveraging the Omni Platform, ValidiFI empowers organizations and financial institutions with actionable insights to help validate bank accounts, detect fraud, and assess credit risk. By analyzing the intricate connections between bank accounts, consumers, and payment performance, ValidiFI offers a more comprehensive view. ValidiFI serves as a trusted partner, unlocking the power of predictive bank account and payment intelligence through credentialed and non-credentialed solutions, enabling more confident transactions.

Contact us to learn more!