News

NACHA adds debit option to same-day ACH program

September 19, 2017

A year after its successful launch of a same-day ACH credit payment option, the Electronic Payments Association has announced that it will build on that program with the introduction of same-day debit.

"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 U.S.," said NACHA President and CEO Janet O. Estep. "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."

Until now, all ACH debits have been "next-day" payments — i.e., transactions are completed one day after they are initiated. Same Day ACH debit payments enable urgent bill payment, faster payments for Internet and point-of-sale purchases, and invoice payments.

According to a survey conducted by NACHA, 92 percent of NACHA's top originating depository financial institution members will be ready to originate Same Day ACH debits beginning today; 100 percent of all U.S. receiving depository financial institutions are required by to be ready to receive the payments.

On March 16, the third phase of same-day ACH goes into effect, requiring funds from same-day ACH credits to be made available by 5 p.m. local time.