Browsing: Faster payments
Nine in 10 financial institutions say that their same-day ACH origination volume is about the same or higher than expected since the new faster payment protocol launched in September 2016.
The Federal Reserve today released a status update on its “faster payments” initiative, reporting progress on five key strategies: stakeholder engagement, faster payments, payment security, payment efficiency and enhanced Fed services.
The task forces convened as part of the Federal Reserve’s “faster payments” initiative have begun reviewing 19 specific proposals to advance faster payments in the U.S., according to a Fed statement today, with the first installment of a final report due from the Faster Payments Task Force and the Secure Payments Task Force in January.
NACHA today launched Phase 1 of its same-day ACH initiative, which allows for the sending and receiving of ACH credit transactions.
With same-day ACH transfers phasing in this fall, 95 percent of the nation’s largest ACH originating institutions are on track to offer the service in 2016, according to a survey by NACHA, the electronic payments association.
The Federal Reserve announced today that it has selected McKinsey & Company to support its Faster Payments Task Force by assessing proposals for comprehensive faster payments solutions from providers across the industry.