Fed board approves changes to same-day ACH service
Participation will be mandatory, with transactions subject to interbank fee
Institutions receiving payments through the US automated clearing house (ACH) service will be forced to participate in its same-day service, while institutions originating them will have to pay a set fee for each transaction, the Federal Reserve's board of governors announced on September 24.
It cited "clear public benefits" in making the changes, which it said would "facilitate the use of the ACH network for certain time-critical payments, accelerate final settlement and improve funds
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on FMI
PBoC and HKMA to link up instant payment systems
Trial in 2025 will allow residents to make cross-border small-value transactions
Central banks must navigate impact of tokenisation – BIS
Paper weighs in on how policy-makers should react to innovations in financial market infrastructure
MNB calls on Revolut to open bank subsidiary, not branch
Central bank says firm’s Hungarian customers deserve full deposit protection offered by banking laws
More CCPs would not avert US Treasuries crisis – BIS study
However, economists say central clearing could still improve market functioning
AI risks ‘strikingly similar’ to financial ones – DNB official
Central banks entering new phase of risk management, says board member responsible for supervision
Previous CBDC research based on outdated assumptions – ECB paper
Authors say rejecting digital cash would have adverse unintended consequences
Ukraine moves to curtail capital flight
NBU says changes will support defence, business and “nuclear insurance pool”
Draghi report calls for step change in EU investment
Former ECB chief says bloc should revive securitisation and finish capital markets union to stay competitive