NACHA Approves Same-Day ACH Transfers
May 26, 2015
The voting membership of NACHA, the association charged with managing and overseeing the ACH network that facilitates payment transactions between banks, recently approved Same Day ACH. The move will enable consumers and businesses to make and accept payments from bank accounts faster. The amendment to the NACHA Operating Rules established two new same-day settlement windows, increasing the movement of funds between financial institutions from once a day to three times a day.
“The financial services industry has come together through private-sector rulemaking to increase the speed of payments,” said Janet O. Estep, president and CEO of NACHA. “Same Day ACH serves as an immediate action the industry has undertaken to modernize the payments system, and creates a building block for a variety of products and services.
Only three years ago, a vote on the same issue by NACHA’s 12,000 financial institution members was rejected. NACHA, responding to consumer demand, revised the original plan in 2014.