Federal Reserve Board amends implementation date of modifications to Reserve Bank payment services and corresponding changes to the Policy on Payment System Risk
September 25, 2020 / Source: FRB
The Federal Reserve Board on Friday announced that it is amending the implementation date for modifications to the Federal Reserve Banks' payment services to facilitate adoption of a later same-day automated clearinghouse (ACH) processing and settlement window and for corresponding changes to the Federal Reserve Policy on Payment System Risk (PSR policy).
The Board previously announced these modifications with an implementation date of March 19, 2021. The implementation date is being amended to March 8, 2021, with the exception of two changes to the PSR policy regarding posting times for settlement of same-day ACH transactions that will still be implemented on March 19, 2021. This earlier implementation date will permit the Reserve Banks to test and implement modifications to the Fedwire® Funds Service and the National Settlement Service, including changes to the operating hours of those services, before March 19, 2021, which is Nacha's current effective date for implementing the later same-day ACH window.
A copy of the Board's Federal Register notice is attached.
For media inquiries, call 202-452-2955
Federal Register notice: Modifications to the Federal Reserve Banks' National Settlement Service and Fedwire® Funds Service to Support Enhancements to the Same-Day ACH Service and Corresponding Changes to the Federal Reserve Policy on Payment System Risk (PDF)
Last Update: September 25, 2020