In September of 2016, RDFIs (Receiving Depository Financial Institution) in the U.S. are under mandate to receive Same Day ACH credits and make them available by the end of the day.
As an organization planning to leverage ACH transfers as part of your business model, you may be interested in leveraging the benefits of Same Day ACH. In order to prepare, first talk with your financial institution to determine if Same Day is appropriate for your business. There may be technical requirements that you’ll want to understand beforehand, such as file requirements and new file submission cut-off times.
Same Day ACH adoption will be rolled out in three phases in order to provide enough time and guidance to financial institutions implementing Same Day ACH functionality. The phased approach looks like:
Phase 1 - September 2016 (for payouts): Ability to receive and process Same Day credits becomes mandatory, the 10:30AM ET and 2:45PM ET processing windows open and the new 1:00PM ET and 5:00PM ET settlement times open.
Phase 2 - September 2017 (payout and collect payments): Ability to receive and process Same Day credits and debits becomes mandatory.
Phase 3 - March 2018 (make funds available by end of business day): Make eligible Same Day ACH funds (i.e. sent before the cut-off window) available to the payee by end of business on the same day.
Dwolla provides an easy on-ramp to the ACH network and is a thought leader in the industry. If your business is interested in leveraging bank transfers, reach out to one of our integration specialists to understand how our flexible bank transfer API can be used to customize your ideal user experience. From transaction webhooks and developer support to instant account verification and micro-deposits, Dwolla has a powerful payment platform perfect for getting started with the ACH network.
Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in the Dwolla network are held in pooled accounts at Veridian Credit Union and Compass Bank. These funds are not eligible for individual insurance, including FDIC insurance and may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union and Compass Bank.