I. INTRODUCTION
NACHA adopted a rule enabling the same-day processing and settlement of most types of ACH payments (same-day rule). Domestic transactions above $25,000 and international ACH transfers will be ineligible for same-day processing.
The newly adopted rule enables same-day ACH payments (in addition to the existing next-day settlement framework) by making the following operational changes:
In addition, the existing clearing window with a submission deadline of 2:15 am and settlement at 8:30 am (credit) or 11 am (debit) will continue to operate (all times EST unless otherwise noted).
II. BANK IMPLEMENTATION OF THE SAME-DAY RULE
The same-day rule is scheduled to be rolled out in three phases, contingent on receiving confirmation from the Federal Reserve to support the rule:
III. ACH OPERATOR IMPLEMENTATION OF THE SAME-DAY RULE
Implementation of the same-day rule is dependent on adoption of the revised clearing windows by one or both of the existing ACH Operators (currently the Federal Reserve and the Electronic Payments Network). The Board of Governors of the Federal Reserve announced its intention to incorporate the amended NACHA operating rules into Operating Circular 4 and implement the mandatory same-day service and is seeking comments on key aspects of the same-day rule.