Payments

Chicago Fed’s Werkema to Lead Payments Overhaul

The Federal Reserve on Friday named Gordon Werkema as the system’s payments strategy director, responsible for leading the Fed’s efforts to move toward faster payments and improve the U.S. payments system. Werkema is currently first VP and COO of the Federal Reserve Bank of Chicago.

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ABA: .bank Domain Can Strengthen Payments System

The new .bank and .insurance domains coming online this year will provide an “incredible opportunity” to provide a more secure payments infrastructure, ABA and the Financial Services Roundtable said in a letter to the Federal Reserve officials leading the Fed’s faster payments initiative.

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FCC Expected to Exempt Mobile Fraud Alerts from TCPA

Federal Communications Commission Chairman Tom Wheeler yesterday circulated a summary of his proposal to clarify the Telephone Consumer Protection Act’s restrictions on autodialed calls and texts. One item to be addressed is ABA’s petition to the agency for an exemption from TCPA’s requirement for “prior express consent” for autodialed calls to alert bank customers to fraudulent transactions, data breaches and actions required to complete funds transfers.

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NACHA Finalizes Same-Day ACH Settlement

NACHA, the electronic payments association, today announced that its members voted to finalize a rule change that will accelerate ACH settlement, introducing two extra windows during weekdays -- morning and afternoon -- for credit transactions. The rule provides for fees so that receiving financial institutions can recover costs associated with handling same-day ACH.

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