The Federal Reserve today released a status update on its “faster payments” initiative, reporting progress on five key strategies: stakeholder engagement, faster payments, payment security, payment efficiency and enhanced Fed services.
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The task forces convened as part of the Federal Reserve’s “faster payments” initiative have begun reviewing 19 specific proposals to advance faster payments in the U.S., according to a Fed statement today, with the first installment of a final report due from the Faster Payments Task Force and the Secure Payments Task Force in January.
NACHA today launched Phase 1 of its same-day ACH initiative, which allows for the sending and receiving of ACH credit transactions.
With same-day ACH transfers phasing in this fall, 95 percent of the nation’s largest ACH originating institutions are on track to offer the service in 2016, according to a survey by NACHA, the electronic payments association.
The Federal Reserve announced today that it has selected McKinsey & Company to support its Faster Payments Task Force by assessing proposals for comprehensive faster payments solutions from providers across the industry.
Banks are developing new branch models and faster payment platforms to stay ahead of customer choices.
Having convened stakeholders from across the public and private sectors and outlined criteria for effectiveness, the Federal Reserve’s “faster payments” initiative will in 2016 begin assessing proposals for improvement, begin implementing the ISO 20022 standard for wire transfers and facilitate the transition to universal same-day ACH, according to a Fed report today.
The Federal Reserve’s Faster Payments Task Force is inviting payment innovators to submit capabilities that can support end-to-end faster payments solutions to its Capability Showcase, a web forum where solutions providers can share new technologies and ideas.
When same-day ACH credit capability becomes available this fall, it will provide a wide variety of opportunities to add value for business and retail customers alike.
Consumer Financial Protection Bureau Director Richard Cordray focused on payments in his remarks at a meeting with the Community Bank Advisory Council on Sept. 30 in Washington, D.C. Cordray said that the Bureau has identified four primary areas of concern regarding the payment system: transparency, security and access.