The Federal Reserve Board is planning to offer same-day settlement for some automated clearing house payments, starting Aug. 2.

On Monday, The Fed announced a set of rules for the optional service, which will cover payments created by converting consumer checks and for consumer debits initiated online or by phone.

The same-day capabilities will be offered only for payments sent through the FedACH network, not the network operated by The Clearing House Payments Co. LLC. Banks must opt-in, as a sender, receiver or both.