FedACH
FedACH is the Federal Reserve Banks' automated clearing house (ACH) service. In 2007, FedACH processed about 37 million transactions per day with an average aggregate value of about $58 billion. For comparison, Fedwire processed about 537,000 transactions per day valued at nearly $2.7 trillion in the same year.[1]
In 2023, the Federal Reserve Banks' are planning to launch the FedNow service with a fast process design that will take place within seconds to complete fund transfer.[2]
See also[]
- Electronic Payments Network
- Fedwire
- Clearing House Interbank Payments System (CHIPS)
- Depository Trust & Clearing Corporation
- Society for Worldwide Interbank Financial Telecommunication
References[]
- ^ The Department of the Treasury Blueprint for a Modernized Financial Regulatory Structure (PDF). United States Department of the Treasury. March 2008. p. 210.
- ^ Hanna, M. "About the FedNow service". Retrieved 2021-05-21.
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