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Automated Clearing House (House) is the transfer of funds between an electronic network (known as ACH network) made up of banks, credit unions, and other 10,000+ financial institutions. These financial institutions all follow ACHrules and regulations by the National Automated Clearinghouse Association (Nacha).
News from Around the World of Faster Payments: Over the past few weeks, several companies rolled out their own faster payment services, and the second phase of Same Day ACH officially went live. On September 15, 2017, Phase 2 of NACHA’s same-day ACHrule change went into effect, enabling same-day ACH debits.
In addition to helping member financial organizations stay on top of changes to ACH, Casali said NEACH also helps them stay compliant with local laws and serves as a resource for members to gain a clear understanding about what the rules mean for their particular businesses.
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