NACHA Issues Update on Same Day ACH Implementation
October 24, 2016 / Source: NACHA
HERNDON, Va., Oct. 17, 2016 – NACHA —The Electronic Payments Association®, the trustee and rule maker of the ACH Network, issued the following statement today:
Implementation of Same Day ACH, the ubiquitous industry initiative to move payments faster, became effective Sept. 23, 2016, and has gone smoothly, with robust same-day transaction volume during the first week of operation. Unofficially, information received from the ACH Operators and other industry participants show that same-day transactions were used for payroll, pension, business-to-business payments, as well as online bill payments and person-to-person payments, which is consistent with expectations based on the use case research conducted while developing the Same Day ACH initiative.
The smooth operation and volume flow for Same Day ACH are a testament to the hard work and preparedness of the industry, and support for this transformative initiative that is meeting the faster payments needs for users of the ACH Network.
Around the middle of November, when official monthly data is made available from the ACH Operators, NACHA will plan to report on the first full month of Same Day ACH transaction volume (for the month of October) and ways that Same Day ACH was used.