Financial institutions will benefit by embracing innovation and being proactive during breaking developments.
The Federal Reserve signaled that it intends to delay the implementation of the International Organization for Standardization’s 20022 message format for the Fedwire Funds Service to sometime in the first quarter of 2025. T
In a special bonus episode of the ABA Banking Journal Podcast, ABA’s Rob Morgan digs into the association’s comments on the Federal Reserve’s discussion paper on central bank digital currencies.
The creation of a central bank digital currency “should only be pursued as a final option to meet clearly defined public policy goals that cannot be achieved through payments innovations that leverage existing digital dollars,” the American Bankers Association told the Federal Reserve in a comment letter.
Fraud attempts shot up 41% year-over-year in 2021, according to a new survey released by NICE Actimize.
The Federal Reserve issued a final rule designed to help the agency implement the instant FedNow payments service, scheduled to go live in 2023.
B2B payments increased by 15.5% from Q1 2021, with more than 1.4 billion ACH B2B payments made. It’s also a 35.5% increase from Q1 2020,
At a Senate Judiciary Committee hearing, banking, credit card industry representatives and some lawmakers pushed back against proposals to expand interchange regulation to credit cards, arguing that the existing interchange fee limits imposed by the Durbin amendment more than a decade ago are hurting consumers.
Ahead of a hearing in the Senate Judiciary Committee on credit and debit card interchange fees, ABA joined with a broad coalition of industry groups to communicate to lawmakers the serious flaws of interchange regulations and push back against efforts to expand the Durbin amendment.
The reference guide, created by NACHA’s Payments Innovation Alliance, provides background on the importance of terms and conditions when offering voice payments services and how terms may be modified to suit different needs.