Tag Archives: faster payments

Fed Issues Update on Faster Payments Initiative

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.

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Faster Payments Task Force Capability Showcase Now Open

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.

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Cordray Discusses Improvements in Payments System

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.

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Fed Action Allows Same-Day ACH to Move Forward

As ABA had advocated, the Federal Reserve today finalized changes aligning the regional Federal Reserve Banks’ FedACH system with NACHA’s same-day ACH rule, helping to ensure the ubiquity of same-day ACH for financial institution customers.

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Chicago Fed’s Aadland to Lead Secure Payments Strategy

The Federal Reserve today named Todd Aadland as the system’s secure payments strategy leader, responsible for leading the Fed’s efforts to manage fraud risk and advance the payments system’s safety and resiliency as the Fed and private sector move toward faster payments.

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