The Bank for International Settlements’ proposed harmonization requirements for cross-border payments have not struck the right balance, and if mandated in their current form, would make cross-border payments slower, more expensive and less accessible than they are today, according to ABA, BAFT and the Clearing House
Newer payments systems such as social tokens and virtual cards are growing more popular among midsize businesses to conduct financial transactions, but traditional payment methods such as checks and physical credit cards still dominate, according to a new survey by Citizens Bank.
After years of being “FedSoon,” the Federal Reserve’s instant payment network FedNow is preparing to go live this summer. What do banks need to know in the final months before launch?
Most Americans say they are personally at fault when authorizing a real-time payment to a scammer, although most also believe their bank should refund the lost money, according to a new survey by FICO.
The value of core noncash payments in the U.S. grew faster from 2018 to 2021 than at any time since the Federal Reserve began measuring the metric more than two decades ago, the agency said.
A proposed rule to require financial institutions to use the Treasury Check Verification System, or a similar authorized system, to verify Treasury checks would place a significant burden on those institutions, ABA and three banking and credit union associations said in a letter to the Treasury Department
The Federal Reserve’s FedNow instant payments service will begin operating in July, the agency announced this week.
Many consumers who use buy-now, pay-later products do so without any indications of financial stress, although they are more likely on average to be highly indebted and use high-interest credit products, according to a study released this week by the CFPB.
The Treasury Department will form an interagency working group to explore the benefits, risks and potential use cases for a central bank digital currency, Undersecretary of Domestic Finance Nellie Liang announced this week.
Banks entering the buy-now-pay-later market will find significant competition as well as potentially some allies.