It wasn’t long ago that paying bills or getting a paycheck meant waiting for a check to move through the mail system. Nowadays, many of these payments happen online through an electronic network called the Automated Clearing House or ACH.
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Now that same day ACH debit payment has kicked off, National Automated Clearing House Association (NACHA), the steward of Automated Clearing House (ACH), is in the final phase to implement its same-day payment vision for ACH.
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As enterprises, the world over become aware of the benefits associated with moving their operations to the Blockchain-as-a-Service (BaaS) platform, the Indian public sector would be the real beneficiary of this disruptive technology in the days to come, a top IBM executive has forecast.
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New capabilities of Same Day ACH become effective over three phases to allow financial institutions and businesses to acclimate to a faster processing environment, as well as to ease the implementation effort. Beginning March 16, 2018, RDFIs will be mandated to make funds available from same day ACH credits (such as payroll Direct Deposits) to their depositors by 5:00 PM at the RDFI’s local time.
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