NACHA, the electronic payments association, today announced that its members voted to finalize a rule change that will accelerate ACH settlement, introducing two extra windows during weekdays — morning and afternoon — for credit transactions. The rule provides for fees so that receiving financial institutions can recover costs associated with handling same-day ACH.
Browsing: Faster payments
The Federal Reserve’s faster payments initiative is moving forward, and milestones have been established for the Faster Payments Task Force.
It’s hard to keep up with new developments in payments, says former ABA Chairman Jeff Plagge. But banks need to stay on top of changes to serve their customers.