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.
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BAFT, the American Bankers Association subsidiary association for international transaction banking, today announced the creation of a virtual transaction-banking networking club, BAFT Connect.
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.
As part of October’s Get Coin Moving Month, the U.S. Coin Task Force—of which the American Bankers Association is a member—is urging Americans to return their dormant coins into circulation. There is currently $46.8 billion in coins in circulation, according to the task force, but much of it is sitting unused in 128 million households.
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.
Central bank digital currencies will meet the goals envisioned by their proponents only if they include private-sector participation, interoperability with the existing payments system and careful, deliberate design and implementation, a group of central banks that includes the Federal Reserve said yesterday.
In a comment letter to the Federal Reserve today, the American Bankers Association offered feedback on a recent proposal to revise Regulation J to accommodate the new FedNow Service, which is expected to go live in 2023.
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.
Testifying before the Senate Banking Committee today, Federal Reserve Chairman Jerome Powell said that he is “legitimately undecided about whether the benefits outweigh the costs” of creating a central bank digital currency.