Moving Payments Faster

Are you Ready for Same Day ACH?

The National Automated Clearing House Association (NACHA) recently adopted new rules that govern Same Day ACH processing. The new NACHA operating rules require mandatory participation in Same Day ACH processing. Credit unions that originate ACH transactions (ODFI) can elect whether or not to participate as an originator. However, credit unions that receive ACH transactions (RDFI) must have the ability to accept additional ACH files each day and post any Same Day ACH items to their member accounts.

The new rules for Same Day ACH will impact ALL ACH participants, unlike the current FRB same day service which had optional participation. Additionally, the FRB same day service will be discontinued when the NACHA process is implemented later this year.

The implementation process will occur in the following three phases:

Phase Effective Date Requirements
Phase 1 September 23, 2016 includes credits only with funds availability at the end of RDFI’s processing day
Phase 2 September 15, 2017 includes both credits and debits with funds availability at the end of RDFI’s processing day
Phase 3 March 16, 2018 includes both credits and debits with funds availability required by RDFI at 5:00 pm local time

 

show more...