Federal Reserve Announces Plan to Develop a New Round-the-Clock Real-Time Payment and Settlement Service to Support Faster Payments
The Federal Reserve Board on Monday announced that the Federal Reserve Banks will develop a new round-the-clock real-time payment and settlement service, called the FedNow℠ Service, to support faster payments in the United States. The Board anticipates the FedNow℠ Service will be available in 2023 or 2024. They are now requesting comment on how the new service might be designed to most effectively support the full set of payment system stakeholders and the functioning of the broader U.S. payments system.
The Consumer Compliance Supervisory Highlights features articles of interest to examiners, bankers and supervisors. The purpose of this publication is to enhance transparency regarding the FDIC's consumer compliance supervisory activities and includes a high-level overview of consumer compliance issues identified during 2018 through the FDIC's supervision of state non-member banks and thrifts.
Get practical guidance on how to use the safe and reliable ACH Network to conveniently send or receive payments.
Findings to Aid Members in Preparing for Evolving Payments Landscape
The Center for Payments, a cooperative program sponsored by 11 payments associations with the purpose of helping members and staff better prepare for the continued evolution in U.S. payment systems, announced the results of its first nationwide survey.
The Playbook is designed to provide financial institutions and business end users with clarity on how to develop a faster payments strategy.
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.