Automated clearing house NACHA has
proposed the creation of a US-version of the UK Faster Payments
service.
NACHA’s
proposals are the first in 15 years to propose changes to the
settlement schedules operated by the ACH
network.
NACHA’s request incorporates a new system called Expedited
Processing and Settlement’ window as a mandatory ACH network-wide
capability.
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These features are in addition to the existing
model for the settlement of debit transactions, which operate on a
‘transaction date plus one day’ basis. For credit transfers, the
settlement date will be one or two working days.
NACHA’s proposals would pave the way for
same-day settlement, which the clearing house said would be meet
demand for faster processing, bring the US clearing market on par
with overseas markets and enhance the ACH’s strength in competing
with alternative payment channels.
NACHA argued that the move to a UK-like faster payment system would
require “low-to-medium effort” from the banks.
The ACH is expecting its member banks to respond to NACHA’s
proposals by 18 November.
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