Federal Reserve approves same-day ACH service

The Federal Reserve Board has announced its approval of enhancements to the Federal Reserve Banks' same-day automated clearing house (Same Day ACH) service. The enhancements are intended to align the Reserve Banks' same-day ACH service with recent amendments to NACHA's ACH operating rules and will facilitate the use of the ACH network for certain time-critical payments, accelerate final settlement, and improve funds availability to payment recipients. The enhancements become effective September 23, 2016, and require receiving depository financial institutions (RDFIs) to participate in the service and originating depository financial institutions (ODFIs) to pay a 5.2¢ fee to RDFIs for each same-day ACH forward transaction. A copy of the notice to be published in the Federal Register was also released. FRB Services also announced its support of the changes.