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.
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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
The Federal Reserve issued a final rule designed to help the agency implement the instant FedNow payments service, scheduled to go live in 2023.
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.
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.
The Clearing House today announced an increase in the general transaction value limit for payments made on the Real-Time Payments Network.
As expected, NACHA today increased the dollar limit for same-day ACH transactions from $100,000 to $1 million. The change was executed in collaboration with the Federal Reserve and The Clearing House, the network’s two ACH operators.
Amid persistent inflation and supply chain kinks, small businesses are finding more and more that “cash is king,” especially as their suppliers are likelier to ask for cash up front.
Electronic ACH payment transaction volume grew by 8.7% last year, reaching 29.1 billion transactions, according to a report today from NACHA, the electronic payments association.
A recent survey by Citizens Financial Group found that 85% of business leaders say real-time payments capabilities is the most important factor when choosing a bank.