This just in: Same Day ACH transactions are getting even more enhancements, as NACHA recently announced. These enhancements are another step forward toward making ACH a real-time payment method!

Following the inception of a multi-part Same Day ACH rollout in late 2018 — that now lets us offer our customers Same Day Debits, Credits, extended submission deadlines, and more, to expedite transaction times —Same Day ACH has become increasingly valuable for a wider array of use cases.

If you’re just hearing about Same Day ACH transactions, check out our blog, What is Same Day ACH and why does it matter? for more details. In this post, we’ll explore the extended capabilities that you can look forward to in the coming months.

Earlier transmission times

Getting paid faster by using Same Day ACH is great. Getting paid even faster is even better. Starting in September 2019, the availability of funds for many Same Day ACH and other ACH Credits will occur earlier in the day. Actum will work with our customers to receive and post ACH Credits so that funds are available sooner, according to the following schedule:

Higher transaction limits

Are you processing high-value Same Day transactions, and wish you could process more at once? Starting on March 20, 2020, our per-transaction dollar limit for Same Day ACH will increase to $100,000. This is a major improvement over our current per-transaction dollar limit of $25,000. We hope you’re as excited as we are about this significant increase!

And there’s more to come…

Later on (early 2021), Actum customers will be able to submit Same Day ACH transactions two hours later in the day, every business day. This enhancement is especially valuable to our customers who use Same Day ACH to push last-minute or on-demand credits to their customers, borrowers, employees, contractors, suppliers, etc. Our team will keep you posted on this development as we get closer to the date.

What you can expect

We’ll stay in touch with our customers and partners to ensure that you can make the most of these extended ACH capabilities.

Here are some use cases that describe how these three enhancements can benefit your business:

Same Day Credits:

  • Insurance Claims and Disaster Assistance Payments – these are often more than the current limit and are time sensitive to customers with home, auto and other claims
  • Refunds – customers could see credits sooner for an amount due or an overpayment
  • Discounts – take advantage of supplier or vendor payment discounts by making payments the same day

Same Day Debits:

  • Bill Payments – consumers could be able to make bill payments on due dates and could see faster processing of late payments
  • Account-to-Account Transfers – initiate or receive transfers higher than the current limit

Same Day Debits and Credits:

  • B2B Payments – an additional 8 percent of ACH B2B payments become eligible for Same Day ACH
  • Tax Payments – businesses could make Same Day ACH payments to avoid penalties
  • Reversals – a greater percentage of transactions could be reversed using same-day processing
  • Payroll – make emergency payrolls and have faster payment options for hourly, temporary and contract workers; with the higher limit employers may be able to use Same Day ACH for the funding transaction

For more information, we invite you to Contact Us.

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