Yes it is, you need to look at the AlarmManager to setup a reoccurring "Alarm". This is better for battery life on the device, as unlike a service it does not run constantly in the background. The Alarm triggers a broadcast receiver which will execute your custom code.
As a final note - there are enum values for the timing of the Alarm including daily, half daily and many more although you can just set an actual value.
A good example can be found in the follow SO post:
Alarm Manager Example
Update
Newer features have been added to Android. If you are reading this then I would advise you now look into GcmNetworkManager. This optimises battery life and works pre-lollipop. For Lollipop onwards you can use JobScheduler. I would advise using these classes over the AlarmManager.
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