Browsing: Faster payments


The Federal Reserve on Friday named Gordon Werkema as the system’s payments strategy director, responsible for leading the Fed’s efforts to move toward faster payments and improve the U.S. payments system. Werkema is currently first VP and COO of the Federal Reserve Bank of Chicago.


The new .bank and .insurance domains coming online this year will provide an “incredible opportunity” to provide a more secure payments infrastructure, ABA and the Financial Services Roundtable said in a letter to the Federal Reserve officials leading the Fed’s faster payments initiative.


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.


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.


NACHA, the electronic payments association, today issued a ballot to its members to vote on a revised rule change to implement same-day ACH transactions.

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