Requests for Comment

WesPay advocates, on behalf of members, when rule changes are proposed by Nacha, the Federal Reserve Bank, and other rule-making bodies. Most often, Requests for Comment (RFC) or Requests for Information (RFI) are released, allowing input from participants prior to any changes being approved and implemented. This input ensures that proposed changes meet user needs, and protects the integrity of the networks and systems involved.

WesPay makes available materials about proposed changes accessible to members. Links to materials for open RFCs and RFIs are shown below. WesPay asks that when submitting responses and surveys by email, to please copy info@wespay.org. This will allow us to incorporate your thoughts when preparing our response on behalf of our membership.
Open Requests for Comment (RFC) or Request for Information (RFI) 

WesPay members, when signed in, can access review materials and all other available supplemental materials. WesPay may also offer a Town Hall webinar to review the proposed changes and provide an opportunity for member feedback and reaction.

Expansion of Fedwire® Funds Service and National Settlement Service hours, up to 24x7x365

On August 5, 2019, The Federal Reserve Board of Governors announced plans to develop a new real-time payments system that will operate 24x7x365 and connect financial institutions across the U.S. The Fed cited consumer and business demand for faster payments and the growing reality that the U.S. is lagging behind other developed countries as the driving factors in their decision to take action. The new service will be branded FedNow℠ and is expected to be available in 2023 or 2024.

An outline of the key themes of the FedNow service will be presented for members’ consideration, including:

  • Credit push model
  • Timing of the clearing, settlement, and availability of funds
  • Proposed transaction limits
  • Irrevocability of funds
  • Opening/closing times
  • Interoperability with The Clearing House’s Real Time Payments Service
  • Participation cost considerations
  • Expanding Fedwire Funds and National Settlement Services
  • Fraud concerns

We encourage each member organization to review the documents and provide your own response directly to the Federal Reserve. Members with questions are welcome to call WesPay's Payments Hotline at (415) 373-1200 or info@wespay.org and we encourage you to discuss the topic with you peers further on Connect.

Federal Reserve's full notice on RFC

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