US Schemes and scheme selection
ACH
Overview
ACH is the only domestic US payment scheme that Modulr currently supports. It is the primary interbank payment method used in the US, and all bank accounts can be reached by the scheme.
Processing and posting times
ACH is not a real time system, it operates on delayed settlement cycles. Unless you send a future dated payment by specifying a 'paymentDate' in the future, Modulr will process your payment so that it settles as fast as possible.
Modulr's final payment status is PROCESSED. Modulr marks ACH Payments as processed when the source account has been debited and the funds are with the sponsor bank for submission to the ACH scheme. The table below shows when you can expect the funds to arrive in the destination account, depending on when the payment is processed.
| Payment processed | Expected posting date |
|---|---|
| Before 4 45pm ET on a US business day | Same US business day* |
| After 4 45pm on a US business day | Next US business day |
| Any time on a US non-business day | Next US business day |
*Provided payment is <$1 million, otherwise next US business day
SEC codes
ACH payments have many types, these types are defined by SEC codes. Modulr calculates the SEC code to use based on the category purpose of the payment. The table below shows the category purpose codes currently supported. This list will grow as Modulr serves more use cases in the US.
| Category Code | Name |
|---|---|
| CASH | Cash Management Transfer |
| SALA | Salary Payment |
Updated 14 days ago