Three steps to ensuring your RDFI is Same Day ACH Phase 2 ready.
A host of new opportunities and potential offerings that you, as a corporate, can provide to your customers.
New opportunities and potential offerings that you, as an Originating Depository Financial Institution (ODFI), can provide to your members, and business and consumer customers.
New opportunities and potential offerings that you, as a Processor, can provide to and support your customers with.
New opportunities for you, as well as obligations, as a Receiving Depository Financial Institution.
To ensure smooth implementation of Same Day ACH debits, conduct appropriate end-to-end testing with your business partners.
This ACH Operations Bulletin provides information to Originating and Receiving Depository Financial Institutions, Originators, Third-Party Senders, and software and processing vendors on important aspects of ACH debit processing in a same-day environment. Even those not planning to use same-day processing for ACH debits should take reasonable care to prevent unintentional same-day ACH debits.
For financial institutions like UMB Bank, efforts to communicate, educate and prepare its clients for the transition to Same Day ACH helped ensure businesses like Protection 1 are satisfied. Guaranteeing that processes can be implemented smoothly and that clients feel like the burdens do not outweigh the benefits make adopting a new faster payment option worth pursuing.
(Revised) Guidance for RDFIs on Meeting Phase 3 Requirement to Make Funds Available by 5:00 pm Local Time
Effective with Phase 3 of Same Day ACH (on March 16, 2018), RDFIs must make funds available from Same Day ACH credits for withdrawal (including cash withdrawal at the teller or ATM as applicable) by 5:00 p.m. at the RDFI’s local time. This time is a “no later than” deadline by which funds must be available. RDFIs always have discretion to make funds available earlier. The revised guidance also addresses the applicability of Excused Delay to the handling of late delivery of same-day files.
Treasury managers can access this 30-minute recording that focuses on Same Day ACH needs and messages for businesses. Watch here via Adobe Connect.
For this month’s Tracker Feature Story, PYMNTS recently caught up with Joe Casali, senior vice president of operations and IT for the New England Automated Clearing House (NEACH), on how his organization is working to help banks and other institutions prepare for the changes that come with the availability of Same Day ACH.