ACH set to increase the same-day payment limit
US payments platform Automated Clearing House (ACH) is set to increase same-day ACH payments by 10 times from the current limit of $100,000 to $1 million as announced by National Automated Clearing House Association, the non-profit bank-owned consortium which runs ACH.
This increase would be effective from March 18, 2022, and would 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.”
As mentioned in the press note, this limit increase would be beneficial for many types of payments which include insurance claim payments and payroll funding, to business-to-business and tax payments.