NACHA CEO Janet O. Estep Named to Steering Committee of Federal Reserve’s Faster Payments Task Force

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The task force, which has more than 300 members from the entire spectrum of payments system stakeholders, brings together organizations interested in the future of U.S. payment systems

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NACHA also will share findings from the ACH Blueprint, developed with the industry in 2012, to discuss options for how we can collectively leverage the strengths of the ACH Network as we build for the future.

NACHA—The Electronic Payments Association® President and CEO Janet O. Estep has been named as a member of the steering committee of the Federal Reserve’s Faster Payments Task Force.

The task force was formed to identify and evaluate approaches for implementing a safe, ubiquitous, faster payments capability in the U.S. Its creation is one of the milestones outlined in the Federal Reserve’s Strategies for Improving the U.S. Payment System paper published in January 2015.

As a participant on the steering committee, Estep will help advise the Federal Reserve task force chair on meeting agendas and assist in prioritizing task force activities. The committee also will assist in establishing and recommending the scope of work groups, synthesizing task force perspectives, and determining items in need of task force deliberation.

The task force, which has more than 300 members from the entire spectrum of payments system stakeholders, brings together many organizations interested in the future of U.S. payment systems, from financial institutions and technology providers to a variety of end-users, associations and consultants.

“I am looking forward to further working with the industry and the Federal Reserve on the steering committee, helping to bring forward ideas from many of the task force’s other participants,” Estep said. “NACHA also will share findings from the ACH Blueprint, developed with the industry in 2012, to discuss options for how we can collectively leverage the strengths of the ACH Network as we build for the future.”

Throughout its history, NACHA has worked collaboratively with many industry stakeholders to help bring diverse groups together via rulemaking and standards creation. In May, the industry took an immediate action to move payments faster with its approval of the Same Day ACH amendment to the NACHA Operating Rules. The rule enables same-day settlement capability for virtually any ACH transaction, creating new payment options for businesses, governments and consumers, as well as functionality that can be leveraged in the future for real-time payments and other products and services.

Same Day ACH will be implemented in a phased approach, with Phase 1 scheduled to begin September 23, 2016. To learn more, visit http://www.nacha.org/same-day-ach.

About NACHA — The Electronic Payments Association
Since 1974, NACHA – The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 12,000 financial institutions in the U.S. The Network, which moves money and information directly from one bank account to another, supports more than 90 percent of the total value of all electronic payments in the U.S. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments, recurring and one-time payments; government, consumer and business transactions; international payments, and payments plus payment-related information. Through NACHA’s expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.

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Kendra Beasley
NACHA - The Electronic Payments Association
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