September 15th marked the official launch of same-day ACH for debits, and another push for faster payments. Read more about this launch as outlined by NACHA Electronic Payments Association, below.
HERNDON, Va., Sept. 15, 2017 – NACHA—The Electronic Payments Association®, the steward of the ACH Network, has announced the launch of Same Day ACH for debit payments. Same Day ACH is a faster payments option that reaches all U.S. bank accounts and enables businesses and consumers to send and receive payments and payment-related information on the same day through the ACH Network.
The Same Day ACH credit payment option has been successfully in use for one year, and this announcement builds upon the existing credit capabilities by adding debits, leading to a new option to pay bills faster, and ultimately giving consumers a more accurate sense of their available account balances.
Same Day ACH debit payments enable a variety of transactions such as an urgent bill payment, faster payments for Internet and point-of-sale purchases, and invoice payments. Until now, all ACH debits have been “next-day” payments; that is, transactions are completed one day after they are initiated.