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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So-called native automated clearing house payments that originate electronically rather than by conversion of a paper check continued their robust growth in the second quarter while same-day ACH transaction volume hit $16.6 billion, reports ACH governing body NACHA—The Electronic Payments Association.
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The registration process will promote consistent customer due diligence among all ODFIs, and serve as a tool to support NACHA’s continuing efforts to maintain ACH Network quality.
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Automated Clearing House (ACH) is a payment network that facilitates financial transactions between banks. The NACHA, formerly known as the National Automated Clearing House Association, manages all of the electronic fund transfers that are made in the United States.
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