Central Banking

Fed board approves changes to same-day ACH service

Federal Reserve

Institutions receiving payments through the US automated clearing house (ACH) service will be forced to participate in its same-day service, while institutions originating them will have to pay a set fee for each transaction, the Federal Reserve's board of governors announced on September 24.

It cited "clear public benefits" in making the changes, which it said would "facilitate the use of the ACH network for certain time-critical payments, accelerate final settlement and improve funds availabil

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