Federal Reserve Financial Services on Thursday issued a statement assuring its customers that it does not anticipate business disruptions as a result of the coronavirus pandemic.
Browsing: Payments system
In a study evaluating small businesses’ satisfaction with merchant services providers, J.D. Power found for the second year in a row that banks outperformed nonbank fintech firms and merchant acquirers.
The Clearing House today announced an increase in the general transaction value limit for payments made on the Real-Time Payments Network.
In a joint comment letter with the Clearing House and the Consumer Bankers Association yesterday, the American Bankers Association and its subsidiary BAFT offered support for proposed changes to the Consumer Financial Protection Bureau’s remittance rule.
As ATM withdrawals decline in number, the average transaction value has gone up.
In a move supported by ABA, the Federal Reserve today finalized new operating hours and procedures for the National Settlement Service and Fedwire Funds Service to facilitate adoption of a third same-day ACH processing and settlement window.
Next year, the FSB expects to tackle fintech developments worldwide, including the growing role of big tech firms in finance; the development of so-called “stablecoins,” virtual currencies pegged to real assets to minimize volatility; innovation to remove friction in cross-border payments; and the transition away from the London Interbank Offered Rate to new benchmarks.
As the Federal Reserve moves ahead with its plan to develop the FedNow real-time payments settlement service, the American Bankers Association noted in a comment letter today that “FedNow can contribute to a better, faster and safer payment system if implemented correctly.”
Ten factors financial institutions should look out for in strengthening their OFAC compliance programs.
As the Federal Reserve moves ahead with the creation of the FedNow real-time payments service, interoperability with existing systems will be critical to ensuring consumer choice, according to an op-ed in American Banker today.