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ABA Calls for Interoperability as Fed Develops FedNow.

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ENPNewswire-September 3, 2021--ABA Calls for Interoperability as Fed Develops FedNow

(C)2021 ENPublishing - http://www.enpublishing.co.uk

Release date- 02092021 - In a comment letter to the Federal Reserve today, the American Bankers Association offered feedback on a recent proposal to revise Regulation J to accommodate the new FedNow Service, which is expected to go live in 2023.

The proposal would create a new subjection in Regulation J that will apply solely to FedNow Service transactions.

In the letter, ABA called on the Fed to strive towards interoperability with the TCH Real Time Payments Network and, at a minimum, to adopt policies and procedures that are consistent with existing industry practices. ABA also recommended that the definition of 'immediately' in Reg J remain undefined, at least until the FedNow Service conducts a technical assessment of what would be reasonable.

ABA also recommended that the Fed change its intended plans to apply Electronic Funds Transfer Act and...

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