Moving Payments Faster
The NACHA (National Automated Clearing House Association) Rule will provide an option permitting ACH payments to be eligible for same-day processing through the ACH Network, without affecting existing ACH schedules or capabilities. Only International transactions (IATs) and high-value transactions above $25,000 will not be eligible. The transaction Effective Entry Date will determine if the item is same-day. All receiving banks (RDFI) will be required to provide end of day availability for these same-day transactions.
Same Day ACH will be rolled out in three phases:
- Phase 1 - September 23, 2016, requires RDFIs to provide end of day funds availability to the receiver’s account for all same day credit entries received.
- Phase2 – September 15, 2017, will require RDFIs to provide end of day funds availability to the receiver’s account for all same day credit and debit entries received.
- Phase 3 – March 16, 2018, will require RDFIs to provide funds availability by 5:00 PM local time for same day credit and debit entries received.
What transactions qualify for Same Day ACH processing?
- Domestic Transactions
- Transactions under $25,000
- Pre-notifications (pre-notes)
- Zero-dollar transactions
- Files received before the same-day deadline (10:00 AM Pacific Time)
How will I benefit by Same Day ACH?
- Payroll – pay hourly workers, emergency or late payroll runs, or missed deadlines
- Invoice Payments – speed up the release of goods
- Bill Payments – pay rent or membership dues on the due date
All Same Day transactions will need to be submitted by 10:00 AM Pacific Time on banking days and are subject to an increased per entry fee.
As an Originator, what can I do to prepare for Same Day ACH?
- If you would like to originate Same Day ACH, please contact Business Services at (866)222-7215 or at email@example.com.
- Manage the effective entry date of your file. Qualifying ACH transactions submitted before the Same Day ACH deadline or after the previous day cutoff time (4:00 PM Pacific Time) may be settled and billed as same-day transactions.
I receive ACH transactions; will I be affected by Same Day ACH?
- Yes, as a receiver, you will need to ensure your client accounts reflect the receipt date of payments. You may need to back date payments received same-day.
- Under the NACHA rule, all RDFIs are required to participate in Same Day ACH. Any qualifying payment will be posted to your account as required.
- For debit file intended to be sent to Consumers same day, we strongly recommend reviewing your debit authorization language to ensure that it is clear and understandable.
For additional information on Same Day ACH, please visit https://www.nacha.org/
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