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Faster Payments: Does The Fed Have A Hidden Agenda?

PYMNTS

First, there was the Fed’s decision to slow faster payments progress via Same Day ACH because it wasn’t ready to approve another processing window during the day. This delay was initiated by the Fed. Okay, so maybe the Fed’s payments folks are just busy. No date has been given for that process.

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Fed Seeks Comment On New Operating Hours For Fedwire Funds

PYMNTS

13, 2018, NACHA , the rules and standards body for the ACH network, announced that its voting members had approved amendments to the NACHA Operating Rules & Guidelines to establish a third Same Day ACH processing and settlement window,” the Federal Reserve wrote in the announcement. . “On Sept.

FedWire 51
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The Big Tech Canary In The Faster Payments Coal Mine

PYMNTS

That was the day that an advocacy group, Financial Innovation Now (FIN), submitted a public comment letter to the Fed in response to its proposal to create and operate a real-time payments system in the U.S. And maybe move the Fed in their preferred direction. That suggests that putting the Fed front-and-center in the U.S.

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Deep Dive: Weighing The Federal Reserve’s Faster Payments Proposal

PYMNTS

Consumers may find it easy to pull out cards, but this system doesn’t work as well for retailers, who must wait one to three days for those payments to process. . Use of Same Day ACH (SDA) — overseen by NACHA (The Electronic Payments Association) and the Federal Reserve — has risen. Faster Rails. The Federal Approach.

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Tribe Payments’ Bankbox Allows For Payroll, AP Integration

PYMNTS

In fact, the Fed was involved in that very issue earlier this year. PYMNTS CEO Karen Webster wrote about the issues this created within the industry: “First, there was the Fed’s decision to slow faster payments progress via Same-Day ACH because it wasn’t ready to approve another processing window during the day. .

Payroll 52
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P2P Payments Set The Stage For B2B RTP

PYMNTS

The Clearing House [TCH] launched its own RTP network at the end of 2017.). The rollout of Same Day ACH several years ago served to kick-start the process.”. The collaborative mindset that comes in tandem with, say, the aforementioned Fed initiative can help fix flaws in existing systems.

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Clearing Up The Case For ISO 20022

PYMNTS

Another big confusion point for ISO 20022 is its application to ACH – and now Same Day ACH. Estep makes it clear that the concept of Same Day ACH needs to be separated from ISO. Even the most recent work with the U.S. TURNING CONFUSION INTO CLARITY.