Newsroom
September 23, 2015
Fed adopts same-day ACH processing
The Federal Reserve Board yesterday approved mandatory same-day automated clearinghouse processing, which mirrors the final rule adopted by NACHA – The Electronic Payments Association earlier this year mandating the beginning of a transition to same-day ACH processing.
NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt called the move to Same Day ACH an improvement but noted ongoing concerns.
"NAFCU and our members appreciate the Federal Reserve's recognition of the industry-wide movement toward the adoption of faster payment technologies," said Hunt. "While NAFCU and our members believe that ubiquitous Same Day ACH capability represents an improvement for the nation's payment system, we continue to have significant concerns regarding the board's inadequate interbank fee and for credit unions to affordably receive, process and settle these payments in near-real time."
NAFCU also urged the Fed to raise the proposed interbank fee of 5.2 cents per transaction in a July comment letter. The Fed had requested comments on its proposed changes to its same-day ACH service in response to the approved final rule from NACHA in May.
Under proposed operating rules, the initial interbank fee would be set at 5.2 cents per transaction, but that fee could be reduced in the future based on a study five years after implementation. NACHA would reevaluate the fee 10 years after the rule takes full effect, but the fee would never increase. The process to implement same-day ACH processing will take place in three phases beginning in September 2016.
NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt called the move to Same Day ACH an improvement but noted ongoing concerns.
"NAFCU and our members appreciate the Federal Reserve's recognition of the industry-wide movement toward the adoption of faster payment technologies," said Hunt. "While NAFCU and our members believe that ubiquitous Same Day ACH capability represents an improvement for the nation's payment system, we continue to have significant concerns regarding the board's inadequate interbank fee and for credit unions to affordably receive, process and settle these payments in near-real time."
NAFCU also urged the Fed to raise the proposed interbank fee of 5.2 cents per transaction in a July comment letter. The Fed had requested comments on its proposed changes to its same-day ACH service in response to the approved final rule from NACHA in May.
Under proposed operating rules, the initial interbank fee would be set at 5.2 cents per transaction, but that fee could be reduced in the future based on a study five years after implementation. NACHA would reevaluate the fee 10 years after the rule takes full effect, but the fee would never increase. The process to implement same-day ACH processing will take place in three phases beginning in September 2016.
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