Largest ACH Originators on Track for Same-Day ACH in 2016

With same-day ACH transfers phasing in this fall, 95 percent of the nation’s largest ACH originating institutions are on track to offer the service in 2016, according to a survey by NACHA, the electronic payments association. While all financial institutions will be required to receive same-day ACH payments, and will receive a per-transaction fee for doing so, originating these payments is optional.

Sending same-day ACH payments will be broadly available, with 86 percent of institutions offering the service to every client, versus 14 percent who will offer it only to selected customers. Initial uses will include payroll, which every surveyed institution said they would offer, and business-to-business payments, which 95 percent said they would offer. The survey, which covered the 25 largest-volume ACH originators, said they are also developing offerings for bill payment and person-to-person payments.

NACHA research indicates that most smaller ACH originators are also on track. The association highlighted figures from a Virginia-based regional payments association that found 64 percent of all respondents will originate same-day ACH. The American Bankers Association has strongly supported the development of same-day ACH, which is an industry-led effort to move toward a faster payments system.

In a recent ABA Banking Journal column, NACHA President and CEO Janet Estep discussed 10 possible use cases of same-day ACH for financial institutions and their customers.