The Electronic Payments Association said it’s beginning to move the ACH network from single, next-day settlement to multiple, same-day settlement options that would be available for virtually any ACH Network transaction.
“NACHA has conducted extensive work over the past year to outline the parameters and requirements of a ubiquitous, same-day capability for the ACH Network that enables financial institutions, large and small, to provide value to their end-users,” said Janet O. Estep, president and CEO of NACHA.
A first implementation phase would provide a foundation to better enable same-day automated clearinghouse credits to support important use cases such as payroll, person-to-person (P2P) payments and expedited bill pay. A second phase would introduce same-day ACH debits and enable a wide variety of consumer bill payment use cases like utility, mortgage, loan and credit card payments. A third phase would improve the service level across the ACH Network and reduce counter-party risk by adding a second same-day settlement and accelerating funds availability.
NACHA manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data in the U.S., and is funded by the financial institutions it governs.
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