August 05, 2019

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

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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.