Nacha Files Comment Letter Re: FedNow Service
On Oct. 31, 2019, Nacha submitted a comment letter to the Federal Reserve Board of Governors in response to the recent notice and request for comment regarding the proposal to develop a new real-time payment and settlement service, called FedNow. In the letter, Nacha urges the Fed to not let work on the FedNow initiative detract from the pending proposal, and the more immediate need, for the expansion of the National Settlement Service (“NSS”) and Fedwire operating hours.
Sullivan & Dunn Address Faster Payroll Misconceptions
Nacha’s Bill Sullivan and American Payroll Association’s, Bill Dunn sat down with PaymentsJournal to discuss the misconceptions around Direct Deposit during faster payments debate inside the Beltway. To understand where the misconceptions come from and why they are wrong, PaymentsJournal sat down with Bill Sullivan, the senior director and group manager of Government and Industry Relations at Nacha, and Bill Dunn, the director of Government Relations at the American Payroll Association (APA).
During the conversation, Sullivan and Dunn also dispelled misconceptions around Same Day ACH, which is Nacha’s faster payments solution. Sullivan went into great detail about how policymakers and advocates of faster payments were combining a paper payroll check with Direct Deposit to advance the need for an immediate payment. Sullivan went on to say in the interview that an immediate payment will have plenty of use cases but it will not replace Direct Deposit as the ideal form of payroll disbursements.
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The inaugural version of the online educational and decisioning platform is designed to help banks and credit unions develop a faster payments strategy
MIAMI, Nov. 5, 2019 – Today, Nacha and its Payments Innovation Alliance, jointly with the U.S. Faster Payments Council (FPC), launched the Faster Payments Playbook, an online educational and decisioning platform that will help banks and credit unions develop a faster payments strategy from concept to reality.