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The organization that runs the automated clearing house network wants to phase in same-day payments in three stages, but backers of a speedier system say the plan -- the second such effort in two years -- still is not enough.
March 18 -
If checks, a payment method that's hundreds of years old, can be updated for the Internet age, why can't America's four-decade-old electronic payments system? It's not for lack of trying.
November 13
The Federal Reserve's retail payments office announced Monday that it "fully supports" the most recent push within the banking industry to speed up electronic payments.
Last month, the industry group that establishes the rules for the automated clearing house network, Nacha,
A similar proposal by Nacha in 2012
The Fed supported Nacha's earlier proposal, and it's recently begun
Still, the Fed's statement could help Nacha as it tries to rally support among its own members. The latest proposal from Nacha calls for a staged implementation, which could help assuage the concerns of some banks about the cost of making the necessary technology upgrades.
In a press release Monday, the Feds retail payments office said that three-quarters of the respondents to
The Fed runs one of two networks that are used to process ACH transactions. Since 2010,