Moving on Up with Same Day ACH

Amy Donaghue

By: Karen Sylvester, AAP, CAMS, CRCM, NCP, Director, Compliance Education

Same Day ACH is working to move payments even faster! The Nacha voting membership recently approved the next phases of Same Day ACH. These next phases include Faster Funds Availability, an increase in the per transaction limit and an opportunity to send and receive SDA items later in the day.

Here are a few details about each of the enhancements:

Faster Funds Availability - Effective September 20, 2019 funds availability for those Same Day ACH credit payments made available to the receiving depository institutions need to be available for withdraw by 1:30 PM local time. This is a significant improvement over today’s funds availability requirement of 5:00 PM local time.

Increased Dollar Limit – Effective March 20, 2020 the per-transaction dollar amount will be increased to $100,000.

Additional Processing Window – Contingent on changes to the Federal Reserve’s services, a third Same Day ACH processing window would allow for ODFI’s to send a file at 4:45 PM ET and be made available to the RDFI at 5:30 ET with settlement at 6:00PM ET. Those SDA transactions would have a funds availability requirement at the end of the processing day.

EPCOR conducted two Special Industry Update webinars to gain member feedback. To read our comment letter sent to the Consumer Financial Protection Bureau, click here.