To learn more about corporate and consumer attitudes toward direct payment and direct deposit, the Federal Reserve System recently hired a market research firm to perform an in-depth study on ACH payments. The goal is to define the characteristics of users and nonusers, find out what people like and don't like about electronic payments, and learn how the Fed can position electronic transactions in the payments arena.
In addition, the research will reveal any potential improvements the Fed can make to its ACH service. The study results will be published by mid-1998.
To support its new account structure, which is effective Jan. 1, 1998, the Fed will offer enhanced versions of the ABMS reports (formerly known as the Monitor Balance Inquiry) and the Daylight Overdraft and IAS Account Inquiry reports. ABMS reports delivered automatically to Fedline users will reflect an enhanced format as of Monday, Dec. 15. IAS Account Inquiry report changes became effective Dec. 8.
For more information, contact Danee Appel at (314) 444-4289.
Effective with the Dec. 31, 1997, report date, banks with assets less than $50 million will be required to file their Call Reports electronically or on computer diskette with EDS (the federal bank supervisors' collection agent). Banks may opt to contract with EDS or any other party to convert their paper-based Call Report to an automated format for electronic filing.