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07/26/2017

Are You Ready?

ACH Same Day Phase 2 is Fast Approaching

September 15, 2017 is rapidly approaching and in the banking industry this marks a significant day. This is when Same Day ACH Phase 2 rolls out, allowing for debit entries to be processed in the same day, enabling the same day processing for virtually any ACH payment.

Phase 2 includes both credits and debits with funds availability at the end of the RDFI’s processing day. Originating Depository Financial Institutions (ODFI) are able to submit files of same day ACH payments through two clearing windows:

With this next phase, virtually all types of ACH payments, including both credits and debits, are eligible for same-day processing. Only international transactions (IATs) and high-value transactions above $25,000 are not eligible.

All RDFIs are required to receive same-day ACH payments, thereby giving ODFIs and Originators the certainty of being able to send same-day ACH payments to accounts at all RDFIs.

With Phase 1, NACHA reported 13 million same-day credit entries were originated between implementation and the end of 2016. Research indicates that debit transactions eligible for same day will be significantly more than that. To make sure your financial institution is ready for Phase 2 there are many great resources available to help educate and inform your team:

Back in April, at NACHA’s Payments Conference Jen Wasmund, VP of Education and Compliance for UMACHA sat down with Glen Sarvady to discuss Phase 2, listen to the podcast to hear Jen’s insights and tips on making sure you are ready.

UMACHA’s Education team has some great webinars on this subject. Check out the education schedule for some great webinars about same day ACH and what’s new.

NACHA’s website is also a great resource center with a thorough FAQ section and infographics that break down the requirements visually: https://www.nacha.org/rules/same-day-ach-moving-payments-faster-phase-2

In addition to UMACHA and NACHA’s resources, The Federal Reserve also has answers to your questions: https://www.frbservices.org/help/same_day_ach.html

Be ready for the next phase of same day ACH by making sure you and your team are well educated and informed.


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