ACH processing time improvements and Cozy, Venmo etc.

[Mike S.]

My bank notified me that the NACHA ( ACH administrators ) will be improving ACH processing times to same day or close to same day.  Goes into effect right around now. Just curious if Cozy, Venmo, or other 3rd party services are going to see an improvement, or is it only banks?

[Kayla W.]

Hey @Mike S.! 

Happy to follow up on your questions about how the improved ACH processing times will affect Cozy's ACH payment turnaround.

Your bank is correct that NACHA, the governing body that sets the rules for ACH payments, is rolling out one day ACH payments in phases, and there's still another stage to go before that process is complete. Here's more info about the third phase, which should be completed in March 2018:

https://www.nacha.org/rules/same-day-ach-moving-payments-faster-phase-3

Once US banks have all transitioned to this process, Cozy's payment processor, Stripe, should also ideally be able to adjust to these quicker processing times, but they haven't yet laid out a timeline for how the NACHA changes will change their processing.