News

Federal Reserve Board announces enhancements to ACH service

The changes are intended to align the Fed's same-day ACH service with recent amendments to NACHA ACH operating rules.

September 23, 2015

The Federal Reserve Board on Wednesday announced the approval of enhancements to the Federal Reserve Bank's same-day automated clearing house service, according to a press release.

The enhancements are intended to align the Fed's same-day ACH service with recent amendments to NACHA's ACH operating rules and will:

• facilitate the use of the ACH network for certain time-critical payments; 
• accelerate final settlement; and
• improve funds availability to payment recipients.

The enhancements, which become effective Sept. 23, 2016, require that receiving depository financial institutions participate in the service, and that originating depository financial institutions pay a fee to RDFIs for each same-day ACH forward transaction, according to the announcement

The enhancements will be adopted by the incorporation of NACHA amended operating rules into Operating Circular 4, governing the Fed's ACH services.

The board's Federal Register Notice is now available.