Payments

Fed Issues Update on Faster Payments Initiative

Having convened stakeholders from across the public and private sectors and outlined criteria for effectiveness, the Federal Reserve’s “faster payments” initiative will in 2016 begin assessing proposals for improvement, begin implementing the ISO 20022 standard for wire transfers and facilitate the transition to universal same-day ACH, according to a Fed report today.

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Faster Payments Task Force Capability Showcase Now Open

The Federal Reserve’s Faster Payments Task Force is inviting payment innovators to submit capabilities that can support end-to-end faster payments solutions to its Capability Showcase, a web forum where solutions providers can share new technologies and ideas.

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CFPB: Campus Credit Cards Continue Decline

Credit cards offered in conjunction with colleges, universities and affiliated organizations have continued to decline since the CARD Act was enacted in 2009, the Consumer Financial Protection Bureau said in a report today.

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Fed to Review Check Image Service Fees

On Monday, in response to requests by ABA and others in the payments industry, Federal Reserve Governor Jerome Powell said the Fed would review the Federal Reserve Banks’ costs associated with anti-money laundering and compliance as well as a review to determine if any changes to Fed policies, procedures, or fee structures are warranted.

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