Spring is a time for new growth, and nowhere is this more evident than in the world of faster payments. From NACHA’s Faster Payments Playbook Project Team announcing its release of Faster Payments 101, to the Faster Payments Council’s releasing the names of its 20 founding sponsors and announcing its first in-person meeting, faster payments appears to be entering a season of growth and expansion.
NEACH is proud to be at the center of many of these new endeavors, and we’re committed to representing the best interests of our members in the roles we fill.
Let’s take a closer look at this month’s happenings.
NACHA-The Electronic Payments Association
Faster Payments 101
NACHA's Faster Payments Playbook Project Team, a part of the Payments Innovation Alliance and co-chaired by NEACH's Sr. VP of Innovation Joe Casali, announced March 20 the release of Faster Payments 101, an educational primer developed to provide a foundational understanding of faster payments and the momentum behind its growing adoption in the U.S.
Faster Payments 101 is an updated version of Introduction to Faster Payments in the U.S., a publication developed by NACHA and the Regional Payments Associations in 2017. The enhancements include a working definition of faster payments, a snapshot of faster payments governance, a comparison of various attributes of a sampling of U.S. faster payments solutions, and more.
The Project Team is also continuing its work on the Faster Payments Playbook, which is an educational and decisioning platform that will help banks, credit unions, and businesses develop a faster payments strategy – from concept to reality.
SDA Window Deferred Six Months
In what came as a surprise announcement to many in the industry, the effective date of the new Same Day ACH processing window is being deferred by six months until March 19, 2021. The Federal Reserve Board of Governors has informed NACHA that it will not be able to provide timely notification of its approval for Federal Reserve services necessary to enable the new window by the deadline provided in the rule.
Faster Payments Council
The Faster Payments Council, just a few months out of the gate, is already off to a strong start. On March 6, the Council announced its founding sponsors. NEACH, a proud founding sponsor of the Faster Payments Council, is deeply committed to promoting broad faster payments adoption and ubiquity in the United States.
In the Faster Payments Council’s recent news release, Kevin Christensen, FPC acting executive director and interim board chair and a senior executive with the SHAZAM Network added, “The FPC’s founding sponsors are truly committed to sharing their expertise and resources as we collectively work to accelerate widespread U.S. adoption of faster payments. We’re taking a private-sector approach to solve problems and drive ubiquity of U.S. faster payments, including end-user and provider education, security and end-user transparency.”
The 20 sponsor organizations are among the more than 140 members that have joined the FPC. Founding sponsors are eligible to run for FPC Board posts and serve as early influencers of the direction and focus of the FPC’s work efforts.
The FPC’s first, in-person member meeting will be May 29, 2019, in Chicago, Illinois.
To learn more or to join, visit https://fasterpaymentscouncil.org/.
The Clearing House
TCH RTP Business Committee Add Four New Seats
After a quiet few months, The Clearing House made two back-to-back announcements tied to its Real-Time Payments ® Network. On March 28, 2018, TCH announced that four new seats for community banks and credit unions will be added to the RTP Business Committee; adding these seats will expand the type and number of financial institutions that help govern the new payments rail.
The RTP Business Committee meets monthly and has numerous responsibilities, including providing input and guidance to the strategic execution of the RTP network, ensuring prudent risk management, promoting the design, operation, and management of the system, along with establishing and maintain the rules for the RTP network, among other duties.
Also, TCH continues to host live and virtual events to help individuals and organizations learn more about the RTP network. This month's sessions will be held April 2 in Los Angeles and April 4 in Miami.
These upcoming sessions will focus on the technical side of RTP and include an interactive program designed to help financial institutions create a framework for executing an effective strategy for implementing RTP.
Meanwhile, NEACH continues to stand on the front lines of all things faster payments, representing its members’ interests and shaping the future of payments.
in addition to its involvement in the activities mentioned above, NEACH will be devoting an entire track to the topic of Faster Payments at its upcoming Payments Management Conference, May 14 -15 at the Boston Marriott Quincy. Visit NEACH’s Conference Page to learn more or to register for the event.
To stay on top these and other faster payments developments, visit NEACH’s Faster Payments website.