The payment rail rolls on despite delays in ACH window
The Fed says it wants to gather more comment regarding same-day ACH payments, tapping the brakes on a process that began in 2016. But credit unions have other real-time options.
The Federal Reserve
The Federal Reserve has delayed by six months the drive to open more windows for same-day payments through the ACH Network, but the impact of that delay appears at best uncertain.
Despite the fact the ACH payments rail accounts for more than $40 trillion in transactions every year, it’s just one of the options available for credit unions and other financial institutions. Plus, there already are two new windows in place, and NACHA says network volume is growing.
NACHA, the administrator of the ACH Network, began adding new origination and settlement windows in 2016, in a staged rollout that’s now scheduled to be completed in March 2021 instead of later this year.
Many institutions, like Credit Union of Texas($1.4B, Dallas, TX), jumped on the opportunity early and adapted their processes to handle the new windows, and consumers noticed.
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