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May 19, 2015

NACHA approves same-day ACH

NACHA – The Electronic Payments Association has approved a final "same day ACH" (automated clearinghouse) rule that the organization says will enable a ubiquitous same-day capability for virtually any ACH transaction, but NAFCU still has concerns.

NACHA says same-day ACH will be implemented through three phases, the first of which begins Sept. 23, 2016.

According to NACHA, same-day ACH builds upon existing, next-day ACH network capabilities and establish a new option for same-day clearing and settlement via ACH. With this rule, two new same-day settlement windows will be added to the ACH network, increasing the movement of funds between financial institutions from once each day to three times each day. The rule also:

  • requires all receiving depository financial institutions (RDFIs) to receive same-day transactions and provide faster funds availability to customers;
  • establishes the methodology for a same-day entry fee as a mechanism for RDFIs to recover some of their costs for enabling and supporting mandatory receipt of same-day ACH transactions.

NACHA says the rule is largely as proposed but includes modifications that are mostly technical and operational in nature.

Commenting on the proposed rule, Carrie Hunt, NAFCU's senior vice president of government affairs and general counsel, emphasized the need for an industry-driven solution to achieving faster payments. "We continue to have concerns, particularly regarding the true breadth of participation and institutions' ability to recover costs," said Hunt.

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