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.
"The financial services industry has come together through private-sector rulemaking to increase the speed of payments," NACHA President/CEO Janet Estep said. "Same day ACH serves as an immediate action the industry has undertaken to modernize the payments system, and creates a building block for a variety of products and services. Same day ACH creates value for end-users through the certainty of its reach to all bank accounts in the U.S."
The new rules, which are based on rules proposed late last year, will take effect in three phases. In phase one, which begins Sep. 23, 2016, ACH credit transactions will be eligible for same-day processing. Phase two will add ACH debits, and phase three will require financial institutions to make funds available to customers and members by 5 p.m. local time.
"Through dialogue, input and outreach, NACHA was able to balance differing perspectives and incorporate industry feedback from many types of organizations," Estep said. "The result of this dialogue is a final rule that will benefit consumers and businesses that need to quickly pay bills and receive funds faster."
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