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.
In a letter to NACHA last week, ABA offered support for several proposed changes aimed at improving and simplifying the ACH user experience while maintaining system efficiency.
…and other answers to your compliance questions in the May/June 2020 ABA Regulatory Policy and Compliance Inbox.
Federal Reserve Financial Services on Thursday issued a statement assuring its customers that it does not anticipate business disruptions as a result of the coronavirus pandemic.
In a move supported by ABA, the Federal Reserve today finalized new operating hours and procedures for the National Settlement Service and Fedwire Funds Service to facilitate adoption of a third same-day ACH processing and settlement window.
More than 174 billion non-cash payments—those made with debit card, credit card, ACH and checks—were made in the U.S. in 2018, totaling $97.04 trillion, the Federal Reserve reported today in its triennial payments study.
ABA last week submitted comments in support of the Federal Reserve’s recent proposal to modify the Federal Reserve Banks’ National Settlement Service and Fedwire Funds Service to accommodate a third same-day ACH processing and settlement window.
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.
Noncash payments in the U.S. continued to see strong growth in the period between 2016 and 2017, according to an annual supplement to the Federal Reserve’s triennial payments study released today.