The Electronic Payments Association said it has a plan to move the industry into real time ACH transaction settlement.

The organization announced Tuesday it adopted a phased approach to make the shift. Currently, the system functions on a single, next-day settlement and NACHA said the process will enable multiple, same-day settlement options.

"NACHA has conducted extensive work over the past year to outline the parameters and requirements of a ubiquitous, same-day capability for the ACH Network that enables financial institutions, large and small, to provide value to their end-users," said Janet O. Estep, CEO of NACHA. "A phased implementation enables us to introduce new capabilities more quickly, and then continue to build over time, creating value for all participants at each step along the way."