NACHA Requests Comments on Same Day ACH

NACHA invites commentson a proposal to provide a new, ubiquitous capability for moving ACH payments faster. They encourage responses from all ACH Network participants and interested parties, and are accepting comments through 2/6/2015.

In March 2014, NACHA announced a phased approach to implementing new Same Day ACH functionality (see PaymentMatters Q2 2014), and that phased implementation approach is the basis for this Same Day ACH proposal. This approach introduces two new same-day settlement windows, for a total of three ACH Network settlements each day.

In developing the proposal, NACHA engaged an external, expert consulting firm to independently evaluate the industry’s costs, potential use cases and transaction volume for Same Day ACH. More than 200 surveys and in-depth interviews were conducted with financial institutions of all sizes, businesses, and core banking processors to get detailed information on anticipated volumes, opportunities and costs.

Under NACHA’s proposal, all Receiving Depository Financial Institutions (RDFIs) will be mandated to receive Same Day ACH files and to make funds available to their customers by the end of the current work day. It also introduces an interbank fee as a mechanism for RDFIs to recover the implementation and ongoing costs necessary to enable Same Day ACH. The fee would be paid by the Originating Depository Financial Institution (ODFI), which would have the opportunity to support new payment offerings for its customers. The proposal also includes checks and balances to measure the effectiveness of the interbank fee.