NACHA — The Electronic Payments Association — announced that its membership has approved three new rules that will expand Same-Day ACH for all financial institutions and their customers.
The first rule will allow Same-Day ACH transactions to be submitted to the ACH Network for an additional two hours every business day, while the second boosts the Same-Day ACH per-transaction dollar limit to $100,000, and the third rule increases the speed of funds availability for certain Same-Day ACH and next-day ACH credits.
“Since the initial adoption of Same-Day ACH, business users of ACH have been asking for enhancements,” Jane Larimer, chief operating officer of NACHA, said in a press release. “NACHA and its members are now delivering those enhancements.”
Just last week NACHA revealed that ACH Network volume surpassed 2 billion transactions in August, an increase of more than 10 percent compared to the previous year. The value of the payments was $4.5 trillion, an increase of 12 percent compared to last year.
The expansion of Same-Day ACH will be made possible through the creation of a new Same-Day ACH processing window by the two ACH Network operators. Funds from Same-Day ACH credits processed in the existing first window will be made available by 1:30 p.m. local time, while funds from certain other ACH credits will be available by 9 a.m. local time.
“NACHA continues to expand ACH Network offerings to make it easier to use the ACH,” continued Larimer. “With these enhancements to Same-Day ACH, the ACH Network will have a comprehensive set of faster payments capabilities available to all financial institutions and their customers.”
The faster funds availability rule will go into effect on September 20, 2019; the increase in the per-transaction dollar limit will begin on March 20, 2020; and the new Same Day ACH processing window with expanded hours will start on September 18, 2020.
Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.