The Electronic Payments Association announced today that its members have given the green light to same-day ACH, greatly accelerating the speed at which money will move through the entire financial system.
Voting members approved an amendment to the NACHA operating rules that add two new same-day settlement windows to the ACH network, increasing the movement of funds between financial institutions from once a day to three times per day.
The rule also requires all receiving depository financial institutions to accept same-day transactions and establishes a methodology for a fee to recover some of their costs.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
