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Originally Posted by lagcam
Incidentally, how long will one of these ACH payments take to hit a bank account? ie settlement date on a Monday, ACH hits bank when?
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This is a good question.
Since we are using a partner for the ACH payments, the payment will go to our partner 3 days before the settlement date. Our partner have 3-5 days to clear ACH transactions so settlement date + maximum 2 days for ACH.
Today for US int wires we settle funds on the settlement days and wires can be settlement date up to +7 days if intermediate banks are used. So this is a huge improvement.