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Updated: Friday, May 29, 2015

Same-day ACH gets go-ahead for Sept. 2016

The United States has moved one step closer to supporting an online real-time payment system with the approval of a same-day ACH plan put forth by NACHA – the Electronic Payments Association.

The automated clearing house system (ACH for short) is an electronic payment system created in the 1970s. It operates in a store-and-forward, batch settlement mode in which final settlement lags the initiation of transactions by at least one day, often two days. The ACH is perhaps best known as the mechanism used for direct deposit of payroll. It also supports business-to-business applications (such as payments to merchant accounts for settled card transactions and large-dollar trade payments) and numerous consumer-to-business payments (bill payments and online purchases among them).

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