Nacha News

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.

Sullivan Addresses the Fintech & Payments Caucus Congressional Staff

On July 9, 2019, Nacha’s Bill Sullivan, representing the ACH Network, was a panelist along with ICBA, The Clearing House and Financial Innovation Now (FIN) for a Congressional staff briefing on the Federal Reserve’s role in faster payments. Panel topics and questions included:
 

  • Does the Federal Reserve have standing to launch a RTGS service? Does it pass the three tests in the Monetary Control Act?
  • What would a Fed-operated system mean for market competition?
  • Could a Fed-operated service be interoperable with existing networks? What would it take to make that happen?
  • How would real-time payments impact underserved consumers? 
  • What are some of the most interesting use cases / value of real-time payments?