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The Federal Reserve has released a request for comment on potential changes to its National Settlement Service (NSS) and Fedwire Funds Service, as well as feedback on a possible new posting time for transactions, and an increased daylight overdraft fee. ET; [and] extending the closing of the Fedwire Funds Service by 30 minutes to 7:00 p.m.
The tool offers a payment platform that can support faster payments as well as legacy rails including ACH and Fedwire. With the completion of Payment Galaxy, the company is now focusing on validating the real-time payment module with TCH as well as licensing the tool to its first FI customer.
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