Assuming the required agreements are in place, transacting cross-border payments is a process that uses the existing clearinghouse network infrastructure to settle payments between the originating depository financial institution and originating gateway operator, and between the receiving gateway operator and receiving depository financial institution
. An originating company in the United States transmits cross-border payment instructions to its financial institution, just as it would with domestic payments, but with the additional required data (if any) in the formats.
Among other things, they require all receiving depository financial institutions
to accept same-day transactions and require originating depository financial institutions to pay a $0.052 fee per transaction.
The Same-Day ACH Rule was approved in May 2015, and will require all receiving depository financial institutions
to receive same day transactions and provide faster funds availability to customers.
The rule also requires all receiving depository financial institutions
to accept same-day transactions.