WE ARE READY!....ARE YOU?
As you may be aware, Same Day Automated Clearing House (ACH) will go into effect on September 23, 2016, when all receiving financial institutions must have the capability to process credit transactions on the same day they are received. Full Same Day ACH service capability will be introduced in phases, allowing financial institutions and businesses to adjust to the faster payment speed.
PHASE 1 - September 23, 2016 - Originated ACH credit transactions $25,000 and under are eligible for same day processing - requiring Same Day ACH indicator.
PHASE 2 - September 2017 - ACH debit payment origination beings, which will impact consumer bill pay for items such as mortgage and credit card payments.
PHASE 3 - March 2018 - All financial institutions are mandated to make same day ACH credit transactions available to customers by 5 p.m. local time.
If you are interested in originating Same Day ACH payments, contact your Cadence Treasury Sales Officer or Treasury Client Support at 1-800-329-0289 or firstname.lastname@example.org. Special fee applies.