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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 – Nov. 7, 2019

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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