Report to the Congress on the Use of the Automated Clearinghouse System for Remittance Transfers to Foreign Countries, July 2011

Board of Governors of the Federal Reserve System (U.S.)

Reports and Studies from Board of Governors of the Federal Reserve System (U.S.)

Abstract: This first report is intended to provide a baseline by giving a brief overview of remittance transfers and the methods available to transmit these payments, with a specific focus on the ACH network. The report discusses the ACH system and outlines the legal and regulatory framework and formats relevant for international ACH transfers. The report also explains in detail the Reserve Banks' international ACH service, called FedGlobal ACH Payments (FedGlobal), and describes some of the lessons learned from establishing this service and potential recommendations.

Date: 2011
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