Fed sets earlier date for adopting later same-day ACH processing and settlement

The implementation date will be March 8 for changes to the Federal Reserve Banks’ payment systems to allow adoption of a later same-day automated clearinghouse (ACH) processing and settlement window, the Fed said Friday – moving back the date from March 19.

The new date also applies to corresponding changes to the Fed’s policy on payment system risk (PSR policy).

However, the Fed noted, two changes to the PSR policy regarding posting times for settlement of same-day ACH transactions that will still be implemented on March 19.

In a release, the agency said the earlier date will permit the regional banks to test and begin modifications to its Fedwire Funds Service and the National Settlement Service, including changes to the operating hours of those services, before March 19. That latter date is also, the Fed said, the effective date set by Nacha (the trade group for payments services) to start its same-day ACH window.

Federal Reserve Board amends implementation date of modifications to Reserve Bank payment services and corresponding changes to the Policy on Payment System Risk

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