Among the major benefits is the capability for businesses to offer same-day payrolls. Payroll provider Paychex quickly noted its ability to offer the service for payroll clients using direct deposit. Employers can pay workers via direct deposit on the same day they initiate payroll. Only international transactions and transactions above $25,000 will not be eligible for the service.

NACHA says the new rule will speed up business-to-business faster settlement of payments between trading partners and expedited bill payments, using both ACH credits and debits. There will also be fast crediting of account-to-account transfers.

Receiving financial institutions are able to charge a fee on each Same Day transaction. NACHA says fees will, on average, enable the institutions to recover costs for supporting the capability.

More information is available through the Same Day ACH Resource Center/