Last year, financial institutions, businesses and consumers using the Automated Clearing House (ACH) payments network gained the ability to send and receive same-day credits in the first of three same-day ACH rollout phases. Companies have since incorporated same-day credits into their payments strategies and now send nearly 200,000 of these transactions daily, according to NACHA, The Electronic Payments Association.
The second phase of same-day ACH processing—same-day debit requests—began on Sept. 15. As with credits, debits will be limited to domestic transactions of $25,000 or under. Businesses are not obligated to receive any ACH debit requests (when another party debits their account), so financial executives should take the time to evaluate the pros and cons of participating. With businesses just adjusting to these changes, TD Bank has created a helpful infographic to illustrate how organizations can successfully adapt to phase two.