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NACHA Marks the Completion of the Third Phase of Same Day ACH

HERNDON, VA – NACHA—The Electronic Payments Association® today marks the “go live” date of the third phase of Same Day ACH. Under this latest phase, banks and credit unions that receive Same Day ACH credit payments make funds available to their depositors by 5 p.m. (in their local time).

“Banks and credit unions have met, and in many cases exceeded, the March 16 date for faster funds availability,” said Jane Larimer, chief operating officer of NACHA. “This marks the smooth launch of all three phases of Same Day ACH in the U.S., providing a ubiquitous faster payments option for businesses, government agencies, and consumers.”

Last year, Same Day ACH transferred $87 billion via more than 75 million payments, with growth of more than 50 percent in the fourth quarter. This growth, coupled with the results of recent surveys of banks, credit unions and businesses, all point toward continued adoption of Same Day ACH in 2018.

The success of Same Day ACH has prompted NACHA to continue to advance this faster payments solution. Additional enhancements being developed include expanding access to Same Day ACH through a new, later processing window; increasing the dollar amount that can be transferred via Same Day ACH to $100,000; providing even faster funds availability for many Same Day ACH credits and other traditional ACH credits; and exploring the feasibility of ACH processing on weekends and banking holidays.

“The ACH Network moves tens of billions of payments across more than 10,000 banks and credit unions,” Larimer added. “The advent and implementation of Same Day ACH allows banks and credit unions to provide businesses and consumers with a faster electronic payment network – without compromising reliability or security.”

NACHA—The Electronic Payments Association is the steward of the ACH Network – one of the largest, safest and most reliable payment systems in the world. The ACH Network creates value and enables innovation by universally connecting all U.S. financial institutions, and moving money and information directly from one bank account to another. In 2016, there were 25 billion ACH payments made that moved $43 trillion. NACHA also brings together diverse organizations to develop rules and standards to benefit payments ecosystem participants, including Electronic Benefits Transfer (EBT) and healthcare Electronic Funds Transfer (EFT). By collaborating with other standards organizations and geographies, NACHA facilitates compatibility and integration with U.S. payments. Visit nacha.org for more information.

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