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NAFCU Cybersecurity and Payments Committee talks FedNow, Nacha
NAFCU's Cybersecurity and Payments Committee met Tuesday to discuss the latest updates on the Federal Reserve’s FedNow service and the National Automated Clearinghouse Association’s (Nacha) recent request for comment.
During the meeting, FedNow staff briefed the committee on the latest developments on the service ahead of its July launch. FedNow staff noted that the service will have a request for payment feature and will allow credit unions to build instant bill pay services.
NAFCU has long supported the Fed’s involvement as an operator of a new, real-time payments rail and will continue to advocate for the development of robust risk management tools, safeguards, and end-user features to promote FedNow adoption.
Additionally, the committee discussed Nacha’s latest request for comment. Nacha has implemented a new risk management framework, proposed seven changes to current automated clearinghouse (ACH) credit risk management, and two related to ACH debit risk management in response to increased credit fraud on the ACH network. The request for comment aims to gather input on four other potential changes to risk management and other risk management topics. Of note, NAFCU sent a Regulatory Alert to members detailing the request.
The committee will next meet Sept. 12.