Podcast: Counting down to the FedNow launch
After years of being “FedSoon,” the Federal Reserve’s instant payment network FedNow is preparing to go live this summer. What do banks need to know in the final months before launch?
Browsing: Faster payments
FedNow to Launch in July
The Federal Reserve’s FedNow instant payments service will begin operating in July, the agency announced this week.
Podcast: Something old, something new in payments fraud
Something old, something new: In 2022, check fraud remains a focus of bank risk professionals, while instant P2P payments are an increasingly popular platform for scammers seeking to take advantage of consumers.
FSB provides updates on next steps of its cross-border payments project
The Basel, Switzerland-based organization identified three priorities for the payment program’s next phase
FSB exploring options for adopting Legal Entity Identifier for cross-border payments
The Financial Stability Board today released a report on how the Legal Entity Identifier—a unique alpha-numeric code that provides for identification of legal entities in a financial transaction—can be used in cross-border payments.
Fed to delay ISO 20022 implementation until 2025
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
Fed finalizes Reg J amendments governing FedNow service
The Federal Reserve issued a final rule designed to help the agency implement the instant FedNow payments service, scheduled to go live in 2023.
ABA to policymakers: Don’t undermine private-sector payments innovation
In a statement for the record of a House Financial Services Committee task force hearing, ABA urged lawmakers to “remain vigilant and deliberate” in their policymaking to ensure that regulations support innovation in mobile banking and payments, rather than overregulating or replacing private sector innovators.
TCH, EBA Clearing, Swift plan pilot for faster cross-border payments
With the support of 24 international banks, EBA Clearing, Swift and the Clearing House plan to initiate a pilot service by the end of this year for immediate cross-border payments.
TCH raises RTP network transaction limit to $1 million
The Clearing House today announced an increase in the general transaction value limit for payments made on the Real-Time Payments Network.