The Federal Reserve Board said on Thursday (July 21) that it had adopted a number of changes to a section of its Federal Reserve Policy on Payment System Risk (PSR).
The body said in a release that the newest changes come as enhancements are being adopted and planning to be extended to all ACH transactions across member banks. By way of example, the ACH transactions apply to credits, debits and, specifically, what are known as “posting rules.”
The additional posting time, under the Fed’s new adoption rules for forward same-day ACH transactions, will be at 1 p.m. Eastern.
The changes become effective as of early next month as ACH functions are expanded. As has been widely reported, last year, the Fed backed NACHA’s Same Day ACH initiative, which would mandate that financial firms interact with the service, while others that are originating the transactions must pay a fee.
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