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NEACH is looking for feedback concerning a Federal Reserve System proposal to expand the operating hours of the National Settlement Service (NSS) and Fedwire Funds Service. The proposal would change operations from from 22 hours per day, 5 days per week to 22 hours per day, 7 days a week, and 365 days a year. If your credit union is interested in offering your thoughts on this proposal and the potential impacts it could have on our industry, we encourage you to complete NEACH’s newly-launched survey by July 3.
Considerations NEACH is hoping to determine include:
- How will the expanded hours affect posting ACH entries, check funds availability, and wire transfer availability?
- How will your financial institution manage its liquidity if it opts into the expanded hours?
- What benefits will this expansion bring to your account holders—both businesses and consumers?
- What challenges do you foresee for your organization?
- How might these extended operating hours spur innovation in financial services?
Your insights will be valuable in helping shape NEACH’s response to the Federal Reserve’s request for comments.