Fed Amends Implementation Date for Changes to Facilitate Same-Day ACH

The Federal Reserve today said it would change the implementation date for modifications to the Federal Reserve Banks’ payment services to facilitate adoption of a third same-day ACH processing and settlement window and for corresponding changes to the Fed’s Policy on Payment System Risk. These changes –which were originally set to be implemented March 19, 2021—will now take effect March 8, 2021.

The Fed noted that the earlier implementation date will give the Reserve Banks time to test and implement changes to the National Settlement Service and Fedwire Funds Service.