Finance News & Insights

The next phases of Same-Day ACH are coming – here’s new help to prepare

We’re just a few months away from the start of the next round of improvements to same-day automated clearinghouse (ACH) payments. And you just received some new resources to help you make the most of them.

NACHA – The Electronic Payments Association just released three new guidance sheets to help all the major players, from businesses to banks, prepare.

First up? Faster funds availability. Remember, this one applies to ACH credits. Here’s what you’ll see, effective Sept. 20, 2019:

  • Funds from Same-Day ACH credits processed in the existing first processing window will be made available by 1:30 p.m. ET.
  • Funds from non-Same-Day ACH credits will be available by 9 a.m. on the Settlement Date, if the credits were available to the RDFI by 5 p.m. on the previous day (i.e., apply the existing “PPD rule” to all ACH credits).

One other bit of news: You and your team are going to have to wait a little longer than expected for one of the later enhancements to Same-Day ACH payments.

Now, the new processing window designed to give companies more time to submit payments for same-day settlement won’t be implemented until March 19, 2021. That third part of the latest round of changes was supposed to kick in on Sept. 18, 2020.

Why the holdup? The update’s been delayed by six months because of issues with receiving proper notification from the feds of any additional changes necessary to support the new window.

27 billion transactions strong

Regardless of this new delay, companies are tapping ACH at record numbers — 27 billion transactions last year.

So what happens when an A/P staffer comes to you in a panic that an incorrect ACH payment went out? If they caught it fast enough and it was a certain type of mistake, you can reverse the transaction easy-peasy.

No time like the present to make sure everyone understands the rules.

Only 3 instances allowed

According to NACHA, you can do a “simple reversal” in any of the following scenarios:

  1. The wrong dollar amount was transferred.
  2. The wrong account number was used, so your money went to a recipient you hadn’t intended.
  3. The ACH was a duplicate. A double pay would be reversed.

But make sure A/P knows it has to catch the error – and speak up about it – fast. A simple reversal must take place within five days.




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