An article from the American Payroll Association's June 2016 edition of PAYTECHmagazine that breaks down the benefits of Same Day ACH for all parties — employers, payroll processors, FIs, and employees. The article goes into detail on specific aspects such as termination pay, hourly workers, and reversals.
Russ Oatman, Chairperson of NACHA, speaks about the value of Same Day Payments from the perspective of his role as President of the First National Bank of Omaha. He sees a stronger revenue opportunity in business payments, and plenty of room in the marketplace for real-time and same-day to co-exist as complementary solutions. Unlike Steve, however, Russ is in the “slow ramp” camp.
Detailed information is provided on the Same Day ACH Rule, including rule details, technical aspects, impact and Frequently Asked Questions (FAQ).
NACHA has adopted a Rule to provide a new, ubiquitous capability for moving ACH payments faster. The Rule will enable the same-day processing of virtually any ACH payment.
The nation’s top financial institutions will offer their clients Same Day ACH origination services by year-end, according to the results of a new survey conducted by NACHA.
Nation’s Financial Institutions On Target To Offer Same Day ACH Payments In 2016
POSTED APRIL 5, 2016
Survey highlights on the sentiments of the nation’s largest financial institutions on Same Day ACH origination.
NACHA President and CEO Janet O. Estep discusses the lowdown on Same Day ACH and faster payments.
This Frequently Asked Questions (FAQ) document provides answers to common questions regarding the Same Day ACH Rule.
What are the major provisions of Same Day ACH?
The Rule will enable the option for same-day ACH payments through new ACH Network functionality, without affecting existing ACH schedules and capabilities: Originating financial institutions (ODFIs) would be able to submit files of same-day ACH payments through two new clearing windows provided by the ACH Operators :
It is vital that Receiving Depository Financial Institution (RDFIs) and Originating Depository Financial Institution (ODFIs) examine their current operations and understand how Same Day ACH implementation is going to affect their organization from an operational standpoint.