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Fed Adopts NACHA Rules for Same-Day ACH

  • By Magnus Carlsson
  • Published: 9/24/2015

The Federal Reserve has approved the FederalReservealignment of its same-day ACH service with the same-day ACH amendments to NACHA’s ACH operating rules.

As one of the ACH operators, the Fed’s support of the rule is very important, as it will facilitate and ensure same-day capability for ACH transactions on a voluntary basis for end-users. Legacy ACH will remain unchanged, but the same-day capability will provide an important option for organizations when faster payments are needed.

These developments are very positive news. Not only does same-day ACH give corporate treasurers a tool when they need to make faster payments to a lower cost—this also shows the efficient work currently being done in the U.S. payments field as it moves forward.

“With the Federal Reserve’s support of the NACHA rule, the industry’s commitment to modernizing the payments system and enabling a ubiquitous faster payment option can be fully realized,” said Janet Estep, president and CEO of NACHA, in a statement.

NACHA’s same-day ACH rule was approved in May 2015. The rule establishes two new same-day settlement windows and also requires receiving depository financial institutions (RDFIs) to participate. However, to compensate for added same-day related costs, the RDFIs will receive a fee, paid by the originating depository financial institutions (ODFIs).

The approved same-day enhancements take effect September 23, 2016.

Magnus Carlsson is Manager of Treasury and Payments, AFP.

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