In a move long hoped for by many constituents, NACHA is proposing to make real-time processing and settlement a mandatory feature in the ACH network. Modeled after the UK’s Faster Payments service, it will allow dynamic implementation of payment services built on real-time capabilities, something sorely lacking in their previous opt-in only model.
However, just because it’s built, doesn’t mean they will come, as the UK service already experienced with its bumpy uptake. NACHA is looking for commentary to be submitted by November 18th and we’ll have to wait for the final rules to see exactly how and when they plan to implement the service here in the U.S.
Current ACH settlement in the US operates on a T+1 model for debit transactions and one or two banking days in the future for a credit.
Nacha’s proposals would preserve these existing features, while adding a new premium-packaged ‘Expedited Processing and Settlement’ window as a mandatory ACH network-wide capability.