The Federal Reserve has announced that it is expanding the FedACH SameDay service to offer greater opportunities for same day clearing of ACH transactions. Effective April 1, 2013, the expanded service will feature the following modifications:
- Permits all SEC Codes except International ACH Transactions (IAT), Check Truncated Entry (TRC)
- and Check Truncated Entries Exchange (TRX)
- Allows credits as well as debits
- Accommodates business as well as consumer transactions
- Places no dollar cap limits other than those set by NACHA on check-conversion transactions
Availability of these services is dependent upon those ODFIs and RDFIs who choose to opt-in. The significance of this service offering is that business accounts may now take advantage of this service. This provides a low-cost option for accelerated clearing
and settlement.
How do you envision your organization benefiting from this capability?