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.
Here are some things that are different about Same Day ACH:
- Transactions should post same day instead of next day.
- New payment settlement windows are being added.
- It will be more expensive than regular ACH.
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 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.