Our regular readers will know that SMA Solutions automates many credit union and financial institutions (FIs), and that sometime last year, we started getting calls about same day ACH processing. The reason goes back to rule changes in May 2015 with the first phase being implemented in September 2016.
Overall, the ACH changes are good for customers in terms of service and cash flow and this can be a differentiator amongst FIs in a competitive market. It is also good for the FIs because they become eligible for an ACH same day processing fee, it is a win-win situation and SMA Solutions was keen to jump in and help.
The first phase of implementation provided for same-day settlement of credit entries and non-monetary entries only. Our existing customers that have already automated ACH processing simply adjusted schedules to include additional day time processing. For other FIs it provided an important impetus to automate ACH processing and gain from error free and timely processing both night and day.
Our automation experts did a great job in helping many FIs with these challenges and we get excited when we have the chance to be real automation partners (heroes) in our clients’ business.
The second phase of implementation will occur in September of 2017 and will enable same-day settlement of debits. SMA Solutions will once again be ready to jump in and help with additional automation and help our clients succeed in their business objectives.