A payment that carries today's value date — if it makes the cut-off.
Same-day value means funds are available to the recipient on the day the payment is made, rather than the next business day or later.
It is almost always conditional on a cut-off. An instruction accepted at ten in the morning may carry same-day value; the identical instruction at four in the afternoon may not, and nothing about it looks different afterwards.
Cross-border payments complicate it further, because same-day in one centre may be the next day in another, and a currency holiday in either can remove the option altogether.
Same-day value is a particular value date — today's. The general term is value date.
The cut-off is the condition. Same-day value is what you get by meeting it.
See also value date · cut off time · good funds · currency holiday
We hold no settlement or clearing calendars. This entry defines the term and demonstrates nothing, because a near-miss borrowed from exchange closures would imply coverage that does not exist. See what we hold.