Nacha Statement Regarding Federal Reserve Board's Plan to Develop a Real-Time Payment and Settlement Service

HERNDON, Va., Aug. 5, 2019 /PRNewswire/ -- 

"As the administrator of the ACH Network, and as an industry association dedicated to bringing diverse stakeholders together, Nacha is committed to working cooperatively with the Federal Reserve and The Clearing House as payment systems evolve into the future. We will continue to support rules and standards that foster compatibility and integration across a range of payment systems, provide educational resources and tools to achieve faster payments and promote the adoption of Same Day ACH payments.

"Nacha encourages the Fed to rapidly address other current payment needs, in addition to bringing payment services to market. Settling ACH payments between 100% of all financial institutions in the U.S. four times per day every 24 hours can increase competition and innovation while reducing counterparty risk. For years, the Fed has been evaluating how it can extend its own National Settlement Service and wire operations to later in the day and on weekends, and it should now move forward to extend its current operating hours as this would be consistent with its overall goals of improving the U.S. payment system."

About Nacha
Nacha is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable ACH payments and financial data exchange within the U.S. and across geographies. Through the development of rules, standards, governance, education, advocacy, and in support of innovation, Nacha's efforts benefit all stakeholders. Nacha is the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2018, there were 27 billion ACH payments, and more than $51 trillion in value moved across the ACH Network. Nacha also leads groups focused on API standardization and B2B payment enablement. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.

SOURCE Nacha