The Federal Reserve today sought public comment on whether the Fed banks should extend the daily operating hours of the National Settlement Service and Fedwire Funds Service to facilitate adoption of a third same-day ACH processing and settlement window.
The request for comment comes after NACHA, the electronic payments association, last fall approved a third same-day ACH window. The Fed proposed extending NSS operating hours by one hour to 6:30 p.m. ET, extending the time for initiating Fedwire transfers on behalf of third parties by 45 minutes to 6:45 p.m. ET and closing Fedwire half an hour later at 7 p.m. ET. The Fed also requested comment on corresponding changes to the Fed’s Policy on Payment System Risk. Comments are due 60 days after the notice is published in the Federal Register.
The Fed clarified that this request for comment does not address the idea of the Fed establishing its own 24/7/365 payments service. “The board continues to evaluate, and will separately respond to, comments on the 2018 notice,” the agency said. For more information, contact ABA’s Steve Kenneally.