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Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

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NACHA Government Relations Update – August 8, 2019

Federal Reserve to Build a Real-Time Payment and Settlement Service to Support Faster Payments
The Federal Reserve Board has 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's Federal Register notice and a list of frequently asked questions can be accessed now. Comments are requested within 90 days of publication in the Federal Register, which is likely to occur next week.

Fed Chairman Powell Responds to Senate Banking’s Letter on Real Time Payments
As mentioned in the last NewsLink, on July 22, 2019, a bipartisan group from the Senate Banking Committee – Sens. Mark Warner, (D-Va.), Thom Tillis, (R-N.C.), David Perdue, (R-Ga.), Jon Tester, (D-Mont.), and Tom Carper, (D-Del.), sent a letter to Federal Reserve Board Chairman Jerome Powell pressing him to provide answers to several questions prior to any additional action being taken by the Fed in relation to the Fed’s October 2018 RFC on “actions the Federal Reserve could take to support faster payments in the United States”. Chairman Powell’s response letter to the Senators can be found here.

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