News and Info
The Federal Reserve Banks have implemented a quality improvement initiative for Check Adjustments Services. The Federal Reserve Banks will charge a quality fee to depositing institutions for quality issues within work deposited with the Federal Reserve Banks. Additionally, the Federal Reserve Banks will charge a quality fee for cases submitted with incorrect or incomplete information that resulted in the prevention of automatic resolution of the request. These quality fees are designed to encourage greater efficiency through proper case submission and improved deposit practices.
SFE has provided feedback to the Federal Reserve Bank's RFC on whether the Fed should offer the following capabilities - 24x7x365 real-time interbank settlement of faster payments; other supporting features of an "RTGS settlement system"; and a liquidity management tool that would enable transfers between accounts held at the FRB. We encourage all of our members to submit your feedback. Responses are due Dec. 14, 2018.
New NACHA rules will expand access to Same Day ACH, increase the per-transaction dollar limit, and speed funds availability for Same Day and Next-Day ACH.