Celebrating Five Years of Same Day ACH
New innovations often come and go. Electric typewriters and adding machines had their day. But some take hold and grow roots. Same Day ACH is a perfect example.
When Same Day ACH got its start in 2016 it was for credits only. In the first six processing days that September there were 1.3 million payments worth a total of about $1.5 billion. Not a bad start by any means, but once those roots started growing nice and deep, things certainly took off.
Additional Resources
Expanding Same Day ACH: How We Got Here
It was Sept. 23, 2016. The Dow Jones Industrial Average was at 18,261 and Same Day ACH made its debut. Fast forward to March 2021 and much has changed.
A Processor Call to Action: Phase 2
New opportunities and potential offerings that you, as a Processor, can provide to and support your customers with.
An RDFI Call to Action: Phase 2
New opportunities for you, as well as obligations, as a Receiving Depository Financial Institution.
Preparing for Same Day ACH Debits - Testing Tips for Financial Institutions
To ensure smooth implementation of Same Day ACH debits, conduct appropriate end-to-end testing with your business partners.
ACH Operations Bulletin – Same Day ACH and Debit Processing
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.
How Protection 1 Puts Customers First with the Same Day ACH Solution
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.
Complimentary webinar recording — Same Day ACH for Businesses
Treasury managers can access this 30-minute recording that focuses on Same Day ACH needs and messages for businesses. Watch here via Adobe Connect.
Taking The Y2K Fear Factor Out Of Same Day ACH
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.
Healthcare Staffing Platform Leverages ACH Payments API
Updated: Same Day ACH for Businesses Essentials Guide
The "Same Day ACH for Businesses Essentials Guide" is a suite of resources that provide key guidance on Same Day ACH opportunities, benefits and value to businesses, and action plans for sending and receiving same-day payments. The "Essentials Guide" includes a PowerPoint presentation, an infographic, and three separate “essentials” documents outlining Same Day ACH implementation considerations for payables and receivables processes, including Hire-to Retire, Order-to-Cash, and Procure-to-Pay.