Mobile phones are changing the way people make payments.
What’s on the community bank CEO horizon? M&A, mobile payments, mortgages and more.
The Federal Reserve recently released the roster of those selected for its Faster Payments Task Force, a group representing all stakeholders in the payments industry to help identify approaches to creating a better, faster and safer U.S. payments system.
ABA today urged the Federal Reserve to approve the recent rule change from NACHA, the electronic payments association, that would require financial institutions to have same-day ACH capability and require sending institutions to pay a 5.2 cent per-transaction fee to offset the costs of participating in same-day ACH.
People without checking accounts are nearly twice as likely as those who do have checking accounts to own a general-purpose, reloadable prepaid card, according to researchers at the Federal Reserve Bank of Boston. Twenty-four percent of the banked have a prepaid card, while 45 percent of the unbanked do, they found.
A New York court blocked American Express from implementing its anti-steering rules preventing merchants from suggesting customers use a lower-cost card during its appeal.
Retailers and other firms involved in the payments process should be subject to the same data security requirements as banks, ABA President and CEO Frank Keating and other trade group CEOs said in an op-ed today published in The Hill newspaper.
Fourth-quarter credit card spending continued rising on strong employment numbers and the strength of the super-prime credit market, according to the latest edition of ABA’s Credit Card Market Monitor released today.
Regulated financial institutions bring security and stability to the payments system, Comptroller of the Currency Thomas Curry said at an industry event yesterday.
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.