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November 2024
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Bankers' Bank of Kansas End-of-Year Schedule:
Closed Thursday, November 28, 2024, in observation of Thanksgiving. We will reopen for business on Friday, November 29.
Closed Wednesday, December 25, 2024, in observation of Christmas. We will reopen for business on Thursday, December 26.
Closing at 4:30 p.m. on Tuesday, December 31, 2024. -- Wires/Instant payment settlements received after 4:30 p.m. will be credited on January 1, 2025.
Closed Wednesday, January 1, 2025, in observation of New Years Day. We will reopen for business on Thursday, January 2.
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ISO 20022 Status Update
The compliance date for ISO 20022 will go into effect on March 10, 2025. We will be putting out training over the next few months to keep you informed about how these changes will impact how you process wires in PATH. Please review the other items you should be considering:
Update your templates in PATH
Ensure your core is ready to support your bank through the change.
Confirm with your online banking partner that they are prepared for the update.
Confirm that your mobile banking app is updated to support the change.
Ensure other third-parties that support your wire processing is prepared for the update.
Identify any and all forms that need to be changed.
Budget time in Q1 2025 to train your staff on the new process.
Be on the lookout for more information as we continue to keep you updated and informed.
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NACHA Issues Two Requests for Comment
Plus, Two Requests for Information
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Requests for comment:
Adding a fourth Same Day ACH processing window. Comments are due by Friday December 13, 2024. The proposed effective date would be September 19, 2026.
Accelerate fund availability for certain ACH credits. Comments are due by Friday December 13, 2024. The proposed effective date would be September 18, 2025.
Requests for information on faster ACH topics:
2-day ACH credits – Nacha currently accepts credit entries two days prior to settlement and would like to reduce that to one. Banks will have to look at how this will impact their operations.
Encouraging Same Day Returns – NACHA is currently seeking to understand why more banks do not use Same-Day ACH Returns.
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Compliance Corner:
OFAC Clearing
Much of Compliance involves navigating rules while still serving your customers in a beneficial and efficient manner. When it comes to OFAC, there's not much room for error. Missteps can have serious consequences. As of 10/17/2024 there have been five civil money penalties totaling $32,590,943.00.
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When we have a new system or are trying something in our test system, my co-workers say it’s easy to tell which transactions are mine because of my OFAC clear reasons. It’s very easy to get into a routine and clear with the reasons: Not
exact name match or name mismatch, but is that really the reason the OFAC alert occurred?
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Revised Dates Affecting Fedwire® Funds Service Offline Customers
The Federal Reserve has revised the Fedwire Funds Offline Service retirement date from December 31, 2024, to February 14, 2025. The change will provide institutions with additional time to make arrangements as needed.
Learn More ››
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Innovate 2025: BBOK Operations Summit
Innovate 2025 will show the developments that AI and faster payments can make in the banking environment. Ultimately, empowering you to drive your business into the future.
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Learn More »
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Our mailing address is:
Bankers' Bank of Kansas | 555 N Woodlawn, Bldg 5 | Wichita, KS 67208 US
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Bankers' Bank of Kansas, 555 N Woodlawn, BLDG 5, Wichita, KS 67208, United States
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