Federal Reserve adopts NACHAs same-day ACH rules

According to the source, NACHA’s amended operating rules will be incorporated into the Fed’s Operating Circular 4, taking effect September 23, 2016.

The rules are to be implemented in three phases. In the first phase, ACH credit transactions will be eligible for same-day processing, supporting use cases such as hourly payroll, person-to-person payments, and same-day bill pay. In the second phase, same-day ACH debits will be added, allowing for a wide variety of consumer bill payment use cases such as utility, mortgage, loan, and credit card payments. In the third phase, the framework will introduce faster ACH credit funds availability requirements for receiving depository financial institutions (RDFI); funds for same-day ACH credit transactions will need to be available to customers by 5 PM RDFI local time.

The Fed notes that 32 of 34 commenters approved the proposed mandatory interbank fee included in the NACHA rules, which will be set at 5.2 cents, paid by originating depositor financial institutions to RDFIs for each forward same-day transaction. The Fed agrees, saying this fee “reasonably balances depository institutions’ ability to offset costs with the needs of ACH end users.”

The benefits of same-day ACH service include facilitating the use of the ACH network for certain time-critical payments, accelerating final settlement, and improving funds availability to payment recipients.