Dec 15, 2017

ACH Successfully Launches Same-Day Debits Before Year’s End

Processing just got a little bit faster. Mid-September, it was announced that the nation’s automated clearing house network had launched same-day clearing and settlement for debit transactions. Same-day debits have been called “Phase 2” in NACHA’s faster-payments plan. Phase 1, same-day credits, was introduced a year ago, allowing users to move payments from their bank accounts to the accounts of...

Feb 06, 2017

Same-Day US Electronic Payments. Prior To Phase 2 of Same-Day ACH

According to the Electronic Payments Association, almost $5 billion in US electronic payments were brought in on the same day in October 2016. This happened after the adoption of new rules by financial institutions to accelerate the transfers. The trade group stated nearly 3.8 million same-day transfers (the average amount made up $1.303) were registered in October 2016. According to...

Oct 20, 2015

Get Your Business Ready for Same Day ACH Electronic Payments

A new rule by the Electronic Payments Association (NACHA) will enable same-day ACH payments. NACHA moves money between banking institutions with a guarantee of 48-hour transactions. Generally all financial institutions are required to participate because if the sender participates, the receiving bank must follow suite. When same-day ACH payment is adopted it could change everything, and your business should be...