Same Day ACH is a faster payments option that reaches all U.S. bank accounts and enables businesses and consumers to send and receive payments and payment-related information on the same day through the ACH Network.

The Same Day ACH credit payment option has been successfully in use for one year, and today’s announcement builds upon the existing credit capabilities by adding debits, leading to a new option to pay bills faster, and ultimately giving consumers a more accurate sense of their available account balances.

Same Day ACH debit payments enable a variety of transactions such as an urgent bill payment, faster payments for Internet and point-of-sale purchases, and invoice payments. Until now, all ACH debits have been “next-day” payments; that is, transactions are completed one day after they are initiated.

“After a successful year of Same Day ACH credits, we are excited to implement Same Day ACH for debits and continue to expand this faster payments option in the U.S.,” said Janet O. Estep, president and CEO of NACHA. “With debits accounting for almost 60 percent of overall ACH volume, we expect that use of Same Day ACH debits will grow and become a faster payments method that benefits all users of the ACH Network, from financial institutions, businesses of all sizes, to governments and consumers.”

According to a survey conducted by NACHA, 92 percent of NACHA’s top originating depository financial institution members will be ready to originate Same Day ACH debits beginning today, and 100 percent of all U.S. receiving depository financial institutions are required by the rule to be ready to receive the payments.

“Same Day ACH for debits expands on the innovative solutions that began with Same Day ACH for credits, supporting the demands to move money and information faster,” said Estep. “With Same Day ACH debits, consumers and businesses will start to have an additional option for faster payments, and will be better able to track their finances with a clearer sense of their bank account balances.”

On March 16, 2018, the third phase of Same Day ACH goes into effect, requiring funds from Same Day ACH credits to be made available by 5:00 p.m. local time.