HERNDON, Va.— NACHA, The Electronic Payments Association, has issued a request for comment on a proposal to speed ACH settlement.
Issued Tuesday, the proposal outlines allowing ACH payments to be cleared and settled within the same business day, instead of the current two to three-day window. Comments are due by Feb. 6.
“In today’s environment, everyone wants things faster, including payments,” said Janet Estep, president and CEO of NACHA. “Moving forward now signals an immediate, tangible commitment to provide choices for the consumers, businesses and government agencies who want to move money more quickly and efficiently, directly between bank accounts.”
In March, NACHA announced a “phased approach” to implementing same-day ACH functionality, and that phased implementation approach is the basis for the same-day ACH proposal, NACHA explained. “This approach introduces two new same-day settlement windows, for a total of three ACH network settlements each day.”
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