The Electronic Payments Association has proposed making same day ACH transfers possible.
Also known as NACHA, the association's proposed rules and procedures would allow two, new same-day settlement windows for three ACH network settlements each day and mandates receiving depository financial institutions receive ACH files every business day.
The financial institutions would also have to make funds available to their depositors by the end of each business day.
To cover the costs of the same day operations, originating financial depository institutions would have to pay a fee to the RFDI, according to NACHA.
“In today's environment, everyone wants things faster, including payments,” Janet Estep, president/CEO of NACHA, said. “Moving forward now signals an immediate, tangible commitment to provide choices for the consumers, businesses and government agencies who want to move money more quickly and efficiently, directly between bank accounts.”
The NACHA proposal also included a built-in checks and balances methodology to measure the effectiveness of the interbank fee at defined intervals with opportunities to reduce the fee if actual same day ACH volume exceeds projections, the association said.
“Same day ACH is an essential step to move payments faster,” Estep said. “It creates a solid foundation on which to build innovative services that meet today's demands and tomorrow's needs. We look forward to hearing feedback on the proposal and to moving forward with same day ACH.”
NACHA said, “These requirements ensure certainty and value for consumers, businesses and government agencies who want the option to send same day ACH payments to any bank account in the U.S.”
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