Same Day ACH is here for credits/payments (ie. to employees and vendors) .
ACH Universal is following the network release schedule, as below.
|Phase I||Phase II||Phase III|
|September 23, 2016||September 15, 2017||March 16, 2018|
|Transactions||Credits only||Credits and debits||Credits and debits|
|Funds Available||End of RDFI's processing day||End of RDFI's processing day||5:00pm RDFI local time|
ACH Universal supports the NACHA cutoff indicator in the descriptive date (positions 64 - 69).
Setting the date
If you have the date within your import file, simply map it.
No date in the file? No problem. Set the default effective date (ACH Setup > fourth panel).
Including the cutoff indicator
In addition to setting the effective date, many banks will want you to insert a cutoff indicator into the batch header (descriptive date field, positions 64 - 69).
This indicator will either be a code for Same Day 1:00 (SD1300) or for 5:00 (SD1700):
--ACH Universal will only insert the default cutoff indicator for those transactions which have an effective date for that day and that are not IAT (International) transactions.
--International transactions are never valid Same Day ACH transactions.
--The NACHA Rules phase in debits and credits over a three year period. During this testing period, restrictions have been lifted to allow financial institutions to use ACH Universal to test their in-house systems (pop-up notification of imported transactions not in compliance). The $25,000 limit will be enforced as well.
See our help pages for step-by-step instructions on Same Day ACH.