May 22, 2015
The Electronic Payments Association announced today that its approval for Same-day ACH, an amendment to the NACHA Operating Rules to move payments faster. The new rule issued would enable a ubiquitous same-day capability for virtually any ACH transaction, creating options for the businesses, governments and consumers who want to move their money faster.
Same-day ACH will be implemented in a phased approach as follows:
Phase 1 is scheduled to begin September 23, 2016. There are more aspects involved in this phase-wise approach:
Same-day ACH will be built upon existing next-day ACH Network capabilities and establish a new option for same-day clearing and settlement via ACH. Under the rule, two new same-day settlement windows will be added to the ACH Network, increasing the movement of funds between financial institutions from once each day to three times each day. The rule also requires that all RDFIs receive same-day transactions and provide faster funds availability to customers. Additionally, the rule establishes the methodology for a same-day entry fee as a mechanism for RDFIs to recover some of their costs for enabling and supporting mandatory receipt of Same-day ACH transactions.
NACHA estimates Same-day ACH payments will be generated from ten primary use cases and 63 sub-use cases, including same-day payrolls, expedited bill payments, business-to-business (B2B) payments, and account-to-account (A2A) transfers. The majority of Same-day ACH payments are expected to enhance the existing ACH applications, giving consumers and businesses the choice of speed.