NACHA—The Electronic Payments Association, has launched Same Day ACH, an alternative option for faster debit payments.
The newly introduced payment solution allows businesses and consumers to transfer funds and know payment-related information on the same day through the ACH network for all US bank accounts.
Previously, ACH debit transactions were completed on the next day but the new Same Day ACH debit payment enables urgent bill payment, faster payments for Internet and point-of-sale purchases, and invoice payments.
NACHA president and CEO Janet Estep said: “After a successful year of Same Day ACH credits, we are excited to implement Same Day ACH for debits and continue to expand this faster payments option in the US. With debits accounting for almost 60 percent of overall ACH volume, we expect that use of Same Day ACH debits will grow and become a faster payments method that benefits all users of the ACH Network, from financial institutions, businesses of all sizes, to governments and consumers.
“Same Day ACH for debits expands on the innovative solutions that began with Same Day ACH for credits, supporting the demands to move money and information faster. With Same Day ACH debits, consumers and businesses will start to have an additional option for faster payments, and will be better able to track their finances with a clearer sense of their bank account balances.”
NACHA’ survey has revealed that 92% of its top originating depository financial institution members will be ready to originate Same Day ACH debits.