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Same Day ACH Phase 2: Moving payments faster

Faster payments is still one of the hottest topics in our industry right now as the payments landscape continues to change at lightning speed. The first phase of NACHA’s Same Day ACH rule went into effect last fall, and it’s already time to start talking about the next phase of Same Day ACH, which goes into effect on September 15, 2017. This means that Same Day ACH will be available for debit entries, enabling the same-day processing of virtually any ACH payment.

Here are some details according to NACHA:

  • The rule enables the option for same-day ACH payments through additional ACH Network functionality, without affecting previously available ACH schedules and capabilities:
    • Originating financial institutions (ODFIs) are able to submit files of same-day ACH payments through two additional clearing windows provided by the ACH Operators (Note: The actual ACH Operator schedules are not determined by the NACHA Operating Rules.):
      • A morning submission deadline at 10:30 a.m. (ET) with settlement occurring at 1:00 p.m.
      • An afternoon submission deadline at 2:45 p.m. (ET) with settlement occurring at 5:00 p.m.
    • Only international transactions (IATs) and high-value transactions above $25,000 are not eligible for same-day processing. Eligible transactions account for approximately 99 percent of current ACH Network volume.

Getting ready for Phase 2

NACHA has planned for the new capabilities of Same Day ACH to become effective over three separate phases, an approach which allows financial institutions and businesses to familiarize themselves with this faster-processing environment, as well as ease the implementation effort. Corporate One has offered, and will continue to offer, ongoing learning opportunities on Same-Day ACH to help you get ready for each phase of the implementation.

We are here to help navigate each phase of the new same-day processing rule as comprehensively as we can. Stay tuned for new Same Day ACH trainings coming this spring. You can also learn more about Same Day ACH with NACHA’s resource center.