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.
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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.
The American Bankers Association told the Federal Reserve on Monday that it supports a plan to migrate to a new message format, ISO 20022, on a single day but said it has “serious concern” regarding the lack of detail about the plan.
As part of its ongoing effort to enhance cross-border payments, the Financial Stability Board is conducting a survey to collect feedback on how existing national and regional data frameworks interact with and affect the functioning, regulation and supervision of cross-border payment arrangements.
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.
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.