Browsing: Faster payments

Cybersecurity

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.

Newsbytes

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.

Payments

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.

Community Banking

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.

Newsbytes

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.

Cybersecurity

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.

Newsbytes

The discussion about the migration to faster payments used to feel like people talking about the weather. Everyone complained about it but no one ever did anything.

Newsbytes

The Federal Reserve recently released the roster of those selected for its Faster Payments Task Force, a group representing all stakeholders in the payments industry to help identify approaches to creating a better, faster and safer U.S. payments system.

Newsbytes

ABA today urged the Federal Reserve to approve the recent rule change from NACHA, the electronic payments association, that would require financial institutions to have same-day ACH capability and require sending institutions to pay a 5.2 cent per-transaction fee to offset the costs of participating in same-day ACH.

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