This NACHA video shows how Same Day ACH could enhance various payment applications from bill pay to emergency payroll adjustments.
The limit on large-dollar transactions (those ACH Entries over $25,000) applies to individual transactions; i.e., a single Same-Day ACH transaction could not be for more than $25,000. There is no similar limit on the aggregate value of a batch of Same-Day ACH transactions. Entries submitted in a same-day processing window that are over $25,000 will not be rejected by the ACH Operator, but will be processed for next-day settlement in the next available processing window.
During Phases 1 and 2 of Same-Day ACH (September 23, 2016 through March 15, 2018), an RDFI is required to make funds available from a Same-Day ACH credit in its customer’s account no later than the end of processing of transactions for that settlement date. While funds do not need to be available for cash withdrawal at that time (e.g., via an ATM), they must be available to satisfy other subsequent debit entries against the account (e.g., to pay ACH debits and checks). This Guidance provides examples for meeting this requirement.
Kathleen Romano, executive director responsible for payments and bill printing at Verizon, discusses the benefits of Same Day ACH for billing.
Stacy Nascimento, AAP, vice president and product manager, treasury and payment solutions, at Webster Bank describes how Same Day ACH can enable peer-to-peer (P2P) payments.
Commentary: Same Day ACH - Bringing New Solutions to One Person at a Time
NACHA estimates Same Day ACH payments will be generated from 10 primary use cases and 63 sub-use cases, including same-day payrolls, expedited bill payments, business-to-business (B2B) payments, and account-to-account (A2A) transfers.
Shareable letter by NACHA President and CEO Janet O. Estep to providers of ACH and demand deposit account processing services outlining the potential impact of Same Day ACH on processors to help ensure Same Day ACH readiness.
A fact sheet that includes a Rule overview, description of the opportunity that Same Day ACH brings, and use cases and potential volume.
Sam Tuohey, executive vice president and chief operating officer of KeyPoint Credit Union says Same Day ACH marks the largest improvement in financial services infrastructure in decades - since the advent of online banking and debit/point of sale.
One of the biggest changes in the last 45 years in U.S. payments systems happened recently, and it went unnoticed by major media.