Just a few short months ago, NACHA put in motion a multi-year multi-phase plan to make ACH payments settle in the same day they’re originated. This past September, ACH credits were first made available for same day settlement, with the receiving depository financial institution (RDFI) making the funds available by the end of their processing day. In phases two and three of this rollout, debits will also be settled same day, and funds made available at 5:00pm local time for the RDFI. It goes without saying that as the time available to settle payments decreases, the opportunity for fraud increases, but it’s also important to understand what exactly “same day” means, what opportunities for fraud detection are available, and what the landscape for ACH fraud looks like moving forward.
