NACHA, the regulatory body for the ACH network, has implemented a plan to bring Same Day ACH to all banking and financial institutions. The third and final phase of the three phased plan will go live in March of 2018.
Phase 1 - September 2016: Ability to receive and process same day credits
Phase 2 - September 2017: Ability to receive and process Same Day credits and debits
Phase 3 - March 2018: 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
The third phase is the final step in giving people access to their funds right away. Phase 1 and Phase 2 focused on introducing the functionality of debiting and crediting same day, and Phase 3 will make the process even more efficient.
Phase 3 will require Receiving Depository Financial Institutions (RDFIs) to provide funds availability by 5:00 PM local time for same day credit. This is different from what will have been established in Phase 1 or Phase 2, as the cut-off times required settlement times at the end of the day when the file was submitted.
With Phase 3 complete, the ACH network will be more functional and robust than ever and being well educated is the best way to be prepared. Payments will be clearing quicker so you can get moving with your business at a faster rate. Whether you’re account is being debited or credited, the ability to process funds Same Day will prove beneficial. A better insights into money movement and the flow of capital, will help streamline business operations.
Dwolla is excited to offer Same Day ACH. You can learn more about the offering and potential added value by reviewing Dwolla's Same Day ACH Transfer API.
We’ve built our branded products at Dwolla.com and our white label APIs to be future ready to integrate new payment types, like Same Day ACH. We’re well-acquainted with the ACH network and we’re working to be well positioned to help your business manage the new Same Day ACH functionality.
Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in our 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.