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.
Payment fraud remains rare, representing small fractions of 1 percent of the total number and the total value of payments, according to the Federal Reserve Payments Study released today.
With the 2018 tax filing season kicking off this week, the IRS today issued a warning about an emergent identity theft tax scam that targets tax preparers’ computers and, in some cases, involves depositing funds in victims’ bank accounts.