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 Same Day ACH

Phase 2 Considerations  ι  Same Day ACH  ι  Spotlight on ODFIs  ι  5 Facts to Consider Today  ι  Resources

Same Day ACH: Phase 1 Update and Considerations for Phase 2
For many, it may be hard to believe that nearly six months have passed since Same Day ACH payments became a reality for all U.S. financial institutions that participate in the ACH network. The first phase was highly anticipated and caused many credit unions to make significant changes to their ACH processes and procedures.

Same Day ACH has proven to be a highly utilized payment method, and most credit unions have likely received a number of same day credits since Phase 1 went into effect on September 23, 2016. Between then and December 31, 2016, more than 13 million transactions totaling nearly $17 billion have been processed as same day ACH transactions. Most financial institutions report that the number of same day ACH transactions has been higher than anticipated. (Source: NACHA)

So what happens next?


Same Day ACH
After several years of discussion, proposals, and ballots, same day ACH was finally approved in May 2015. Some analysts say that rule changes associated with same day ACH will cause the largest impact to the ACH network since the introduction of International ACH Transactions (IATs) in 2009. The same day ACH service will be implemented in three phases, with the first slated for September 2016. Phases two and three will occur in 2017 and 2018, respectively.

This article will serve as the first in a series that will help your credit union prepare for the implementation of same day ACH.


Spotlight on ODFIs
In the January/February 2016 issue of the VolVoice, VolCorp introduced the first article in a series of educational communications related to same day ACH. The first article addressed the impact of same day ACH on receiving depository financial institutions (RDFIs).

While same day ACH will require all RDFIs to be able to receive same day ACH transactions, processing same day ACH transactions is optional for originating depository financial institutions (ODFIs). If your credit union originates ACH transactions today, you should be aware of how the rule change could impact your institution, even if you do not intend to originate same day items.


5 Facts to Consider TODAY!
The September 23, 2016, implementation date for same day ACH is less than six months away. The topics below should be on your mind today! Same day ACH could impact several areas of your organization, including Operations, Accounting, Compliance, and Member Services. When considering the impact to your credit union, make sure to include each affected department as well as any third party vendors or processors you rely on for ACH services.


Additional Resources:
NACHA Same Day ACH Resource Center

Federal Reserve Same Day ACH Resource Center

If you have any questions related to preparing for same day ACH, please contact VolCorp or your regional payment association.

Phone: (800) 470-3444 or (615) 232-7900

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