Define Same Day ACH.

Same Day ACH is a service that allows for the processing of ACH transactions on the same day they are initiated. This enables businesses and consumers to make payments and transfer funds rapidly, significantly reducing the wait time that traditionally came with standard ACH transactions, which typically settle one to two business days later. The implementation of Same Day ACH reflects the growing demand for quicker payment options in the financial landscape, catering to the needs for immediate fund availability and enhanced cash flow management.

This service serves various purposes, including payroll, vendor payments, and personal transactions, making it a vital tool for financial institutions and their customers. In contrast, the other options focus on aspects outside the capabilities of Same Day ACH, such as international transactions, physical checks, or point-of-sale payments, which do not pertain directly to the function of Same Day ACH.