The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
Nacha's new rule allowing Same Day ACH transactions to be submitted to the ACH Network for an additional two hours every business day takes effect on at 4:45 p.m. (Eastern time) Friday, March 19.
Background: Originators currently must submit Same Day ACH transaction files to ACH operators by 2:45 p.m. ET (11:45 a.m. PT).
Impact: The change will give banks and originators more flexibility to send faster payments throughout the day, leading to enhanced faster payment capabilities nationwide.