Although much of the world already has same-day ACH payment processing, most ACH payments in the United States are settled the following business day. The recently adopted same-day payment rule requires all banks that receive ACH transactions to be able to process the entries the same day. Those originating ACH entries will have the option of using either next-day or same-day processing. Banks need to prepare for the additional risks and costs that will accompany the rule’s implementation. The rule is to be rolled out in three phases, beginning in September 2016.
