With its June announcement of a new same-day settlement opt-in product, the Federal Reserve has single-handedly changed the competitive relevance of the ACH system, making it competitive with the card networks, but at a much lower cost. The new service is limited to three payment options. The eligible payments are: 1. Consumer checks converted into accounts receivable entry (ARC) debits;rn2. Checks written to a business for a one-time purchase and processed later-a back-office conversion (BOC); or 3. A check written at a point of sale that is scanned for the MICR line information and then handed back-a point-of-purchase (POP) debit.
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