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Originating and Receiving Payments Electronically
It's an exciting time in the payments industry with several innovative initiatives underway designed to move payments faster! One of these initiatives is NACHA's Same-Day ACH Rule which builds upon existing ACH Network next-day settlement capabilities and establishes a new same-day settlement capability giving businesses an option to send and receive payments faster.
Phased Implementation Approach
Implementation of the Same-Day ACH Rule is spread out over three phases that began in September 2016. This phased approach provides an eighteen-month period over which businesses and financial institutions can manage their implementation efforts. This allows the industry to gradually acclimate to a faster processing environment.
If you originate ACH transactions, here are facts you need to know to prepare for upcoming changes to accommodate same-day ACH:
Updated e-Invoicing & Payments Communication
The e-Invoicing & Payments product does not allow for same day ACH debit processing. Your payments will continue to process on the next business day as they do today and the same-day ACH fee will not apply. We will evaluate the feasibility of adding this functionality to the product at a later date. We apologize for any confusion that was caused from the previous communication.
If you receive ACH debit transactions in your account, here are facts you need to know to prepare for upcoming changes to accommodate same-day ACH:
Important Product Changes to Accommodate Same-Day ACH
Financial Electronic Data Interchange (FEDI)
If you use our FEDI service, here are facts you need to know to prepare for upcoming changes to accommodate same-day ACH:
Clients Receiving FEDI Translated Reports via Treasury Internet Banking or Facsimile
Clients Receiving FEDI NACHA Files via Direct Send (SFTP)
ACH Positive Pay
If you use our ACH Positive Pay service, here are facts you need to know to prepare for upcoming changes to accommodate same-day ACH:
We Are Here to Help
Please contact our Treasury Management department at (888) 316-6500 if you have any questions.