Esther George, president and CEO of the Federal Reserve Bank of Kansas City today announced that the FedNow payment system is now expected to be ready in 2023.
Browsing: Faster payments
With the backing of 11 large international banks, the Clearing House, EBA Clearing and Swift have collaborated in an effort to facilitate real-time cross-border payments.
The Federal Reserve is seeking public feedback on its adoption of the International Organization for Standardization’s 20022 message format for its Fedwire Funds Service, which will replace its current proprietary format.
The American Bankers Association today expressed opposition to several proposed changes to the Federal Reserve’s payment system risk policy.
The American Bankers Association last week urged NACHA not to change rules around financial institutions offering early funds availability due to the lack of statistical evidence, despite anecdotal stories of the practice increasing liabilities.
The Federal Reserve today proposed to create a new subpart of Regulation J that would provide a “comprehensive set of rules” to govern funds transfers made through FedNow, the real-time payments network the Fed is developing.
The Federal Reserve today asked for comments on proposed changes to its payments system risk policy that would expand access to collateralized intraday credit from the Federal Reserve Banks.
The Clearing House, Jack Henry, FIS and Fiserv announced today that they will cover the cost for minority-owned depository institutions to join the RTP network.
The streamlined instant payment experience is expected to benefit consumers, businesses.
A total of 26.8 billion payments were made on the ACH Network in 2020—up 8.2% from a year prior—with a record of more than 2 billion new payments added, according to new figures released by NACHA today.