HERNDON, Va., April 5, 2021
Nacha members approved a measure to increase the per-payment maximum from the current $100,000 to $1 million effective March 18, 2022. It will apply to all eligible Same Day ACH payments, including credits and debits for both businesses and consumers.
"Nacha has made a significant enhancement to Same Day ACH every year since it was introduced in 2016," said Jane Larimer, Nacha President and CEO. "This enhancement reflects our commitment to see that the modern ACH Network meets the nation's needs for fast and efficient payments."
The $1 million limit will be beneficial for many types of payments, from insurance claim payments and payroll funding, to business-to-business and tax payments, and many more.
The approval comes just weeks after Same Day ACH operating hours were extended. Since March 19, 2021, financial institutions have had two additional hours to initiate Same Day ACH payments. With this extension, ACH payments are now settled four times each business day.
About Nacha
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. Nearly 27 billion ACH Network payments were made in 2020, valued at close to $62 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
Contact: Heather McElrath
Nacha
703-561-3923
hmcelrath@nacha.org
SOURCE Nacha
