Are you Ready for Same Day ACH?

ODFI Responsibilities

Processing Same Day ACH transactions will be optional for Originators and ODFI’s. Processing Same Day ACH through Alloya’s ACH services will require an opt-in request from your credit union. Closer to the implementation date, Alloya will ask for your opt-in preference.

If you opt-in for Same Day ACH, you will need to be aware of the following processing requirements:

  1. You must insert the appropriate effective date in the ACH transaction. Alloya’s system will process the ACH transactions based on the effective date that you enter. If you enter an effective date for the current date and submit the transaction prior to the Same Day origination cut-off time, the transaction will be forwarded to the ACH Operator for same day processing.

  2. Transactions with stale dates that are submitted prior to the Same Day origination cut-off time will also be considered Same Day transactions.

  3. You will be charged by the ACH Operator $0.052 for each Same Day ACH transaction. The charges will be assessed once a month.

  4. During phase one, September 23, 2016, through September 14, 2017, only credits can be submitted for Same Day ACH transactions. After September 14, 2017, both credits and debits can be submitted. Understand the differences in how debit and credit settlement will post during phase one if a file contains both debits and credits.

  5. Review policies, procedures, agreements, and downstream applications and systems that may be impacted by Same Day ACH.

Alloya will implement the following cut-off times for processing ACH origination transactions as of the implementation date, September 23, 2016:

Origination Window Cut-off Time* Same Day
Origination Settlement
Future Dated
Origination Settlement
Morning  9:30 am ET 1:00 pm ET same day 8:30 am ET next day
Noon  1:30 pm ET 5:00 pm ET same day 8:30 am ET next day
Afternoon  7:00 pm ET 8:30 am ET next day 8:30 am ET next day

NOTE: You will now have until 1:30 pm ET to submit your ACH return items and receive the settlement on the same business day. Also note that Alloya’s cut-off times may differ from the FRB ACH Operator schedule. This is due to the fact that Alloya will need some time to process files before sending them to the ACH Operator on your behalf.

Transactions processed according to the cut-off times listed above may include both same day and future day items (credits up to two days in advance and debits one day in advance).

For additional items to consider as an originator of Same Day ACH transactions, please refer to the NACHA Same Day ACH ODFI Implementation Checklist located on NACHA’s website.


Important! The effective entry date is critical. Assuming the file is submitted by the appropriate deadline, it is the effective entry date field that triggers same day settlement for eligible transactions. The current processing day date in the effective entry date field is interpreted as an intentional indication of the desire for same day settlement. In addition, a batch will be eligible for same day settlement whether the effective entry date field contains the current processing date, or is invalid or stale. This also means that a batch could be unintentionally processed as same day where settlement would occur and the appropriate Same Day Entry Fee will be assessed.
 

 

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