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Federal Reserve to require same day payments

The Federal Reserve Board announced it is taking public comment on whether to require member banks to move to same day payments.

The request for comments comes after NACHA voted to mandate faster payments among

Fed

Federal Reserve to require same day payments

the 12,000 US financial institutions. The Fed’s proposal incorporates NACHA changes into its new payment rules, making its FedACH Same Day service a mandatory service for member banks rather than an optional one.

“Specifically, there would be minimal technological and operational investment required by the Reserve Banks to implement the service, and any operating costs can be recovered through fees charged for using the Reserve Banks’ ACH services,” the Fed says.

The proposal also requires receiving depository financial institutions to accept same-day ACH from originating depository financial institutions.

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