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September 25, 2020

FED amends implementation date of modifications to Reserve Bank payment services & corresponding changes to the Policy on Payment System Risk

For release at 12:00 p.m. EDT

The FED 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 & settlement window & 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 & implement modifications to the Fedwire® Funds Service & 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

Last Update:

September 25, 2020