Slowly, some of the pieces are coming together that will make same-day ACH more common, at least for transactions initiated as debits.
As we noted last month (see link below) the Federal Reserve has offered same day functionality for debits since last fall, but few banks have taken it up.
In addition, NACHA had not moved forward to support the same day initiative, and its clearing capabilities currently support almost half of the transactions that are eligible for same day treatment if executed through the Federal Reserve System.
Digital Transactions now reports:
“NACHA, the regulatory body for the ACH network, is beginning to form work groups whose deliberations could result in a request for comment by fall on possible rules for same-day ACH
Among the other major hurdles are the need for bank software solutions that will support automated selection and processing of eligible debit transactions.
Fiserv has already announced that Citibank is the pilot site to go live with its enhanced PEP+ solution, and that Fiserv expects to be able to release to more banks within months.
This week, Aptys Solutions of Rockwell TX announced that it, too, has added same day settlement to its PayLOGICS solution, which is targeting both mid-tier banks and those that provide correspondent services to smaller banks.
When more banks have the tools to support same day functionality, NACHA should find that it will have to move forward with a bit more urgency, or its clearing function will begin to love volume.
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