BankPolicies.com is providing you with these product updates as a courtesy to all of our clients. If you have any questions, please contact us.
Revised Policy Templates
The update to this product is in response to NACHA’s Same-Day ACH Rule to provide a new, ubiquitous capability for moving ACH payments faster. This NACHA rule change will enable ACH Originators that desire same-day processing the option to send same-day ACH transactions to accounts at any receiving financial institution (RDFI). Phase 1 of the rule becomes effective 09/23/16, whereas Phase 2 becomes effective 09/15/17, and Phase 3 becomes effective 03/16/18.
The update to this product is in response to the Federal Reserve’s Press Release dated 07/21/16 that announced the adoption of changes to part II of the Federal Reserve Policy on Payment System Risk (PSR policy) to conform with enhancements to the Reserve Banks’ same-day automated clearing house (ACH) service previously announced by the Board on September 23, 2015. The PSR policy changes become effective September 23, 2016, concurrent with the Reserve Banks’ enhanced same-day ACH service.