On September 23, the Federal Reserve Board announced the approval of “enhancements” to the Federal Reserve Banks’ same-day automated clearing house (ACH) service. According to the Fed, “[t]he enhancements are intended to align the Reserve Banks’ same-day ACH service with recent amendments to NACHA’s (formerly known as the National Automated Clearing House Association) 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 changes 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 fee to RDFIs for each same-day ACH forward transaction. The enhancements will be adopted by incorporating of NACHA’s amended operating rules into Operating Circular 4, which governs the Reserve Banks’ ACH services.

A copy of the joint NACHA and Regional Payment Association comment letter to the Federal Reserve may be found here.