Federal Reserve Adopts NACHA’s Same-day ACH Rule

by Sarah Grotta 0

The National Automated Clearinghouse Association (NACHA) updated its rules to create opportunities for same day clearing. Those rules were adopted by the Federal Reserve as noted by NACS:

On May 19, NACHA amended its operating rules to enable ubiquitous same-day capability for virtually all ACH transactions. Its same-day ACH rule allows ODFIs to send same-day ACH transactions to accounts held at any RDFI. According to NACHA, the new rule builds upon existing, next-day ACH network capabilities by establishing two new same-day settlement windows. The rule also requires that all RDFIs receive same-day transactions and provide faster funds availability to customers, and establishes a same-day entry fee paid by ODFIs through which RDFIs will recover some of their costs associated with mandatory receipt of same-day ACH transactions.

This move begins to lay the foundation for faster payments which the payments industry views as a “must have”. NACS is not impressed, however, as the rules include fees to be paid by originating banks to receiving banks required to accept these same day payments. Members of NACS know that nothing is free, and fees will eventually find their way to business using next day capabilities through their cash management services:

NACS filed comments with both NACHA and the FRB opposing this same-day ACH rule, expressing concern that the fees for same-day ACH transactions will be high and that the rule sets a bad precedent for the electronic payments industry.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

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