Central Banking

Fed proposes modifications to the wholesale payment network

US Fed

The Federal Reserve is floating the idea of extending the opening hours for two of its wholesale payment systems, it announced on May 9.

Expanding the opening window of two core settlement systems, the Fedwire Funds Service and the National Settlement Service (NSS), would facilitate changes made in September to the same-day automated clearing house (ACH) service.

The ACH is a payment system that deals will transactions involving household payments, such as payroll, tax refunds and online bills

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