NACHA has mandated that every U.S. financial institution make themselves capable of receiving a Same Day ACH transaction in September of 2016.

This phase—and future phases of the rollout—will include sending Same Day transfers and adding additional settlement windows. This will allow businesses granted access to the Same Day functionality by their financial institution the ability to enjoy faster payments.

Currently, ACH transactions typically settle next business day.

Same-Day ACH

Same Day ACH will allow payments to settle in the same business day. The submission deadlines and settlement time will be the following:

  • Morning submission deadline: 10:30 A.M. ET; Settlement occurs at 1:00 P.M.
  • Afternoon submission deadline: 2:45 P.M. ET; Settlement occurs at 5:00 P.M.

Same Day ACH will cost the ODFI $0.05 to process, and there is a maximum transaction limit of $25,000 per Same Day transfer. It is possible that financial institutions will charge their business customers for access to this functionality.

Wire Transfers

Wire transfers allow for funds to be transferred and settled typically within a few hours, depending upon the financial institutions involved. The cost of domestic wire transfers vary by financial institution, but often range within $20-$40, with international wire transfers costing more.

Many businesses use wire transfers when they need to send a large payment and have it clear quickly.

Dwolla’s Bank Transfer APIs

The Dwolla platform provides an easy-to-use on-ramp to the ACH network.

Dwolla’s white labeled bank transfer solution allows businesses to build payments into their application or platform in a way that fits within their branded user experience. From bank account verification tools to webhooks that allow for easy to send communications regarding user account and payment activity,

Dwolla is excited to offer Same Day ACH to our customers. You can learn more about the offering and potential added value by reviewing Dwolla’s Same Day ACH Transfer API.

Reach out to a Dwolla integration specialist to talk through your payment needs, and we’ll work with you to determine a flat monthly fee that makes sense.

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