Retailers and other firms involved in the payments process should be subject to the same data security requirements as banks, ABA President and CEO Frank Keating and other trade group CEOs said in an op-ed today published in The Hill newspaper.
Browsing: Payments system
Regulated financial institutions bring security and stability to the payments system, Comptroller of the Currency Thomas Curry said at an industry event yesterday.
The Federal Reserve on Friday named Gordon Werkema as the system’s payments strategy director, responsible for leading the Fed’s efforts to move toward faster payments and improve the U.S. payments system. Werkema is currently first VP and COO of the Federal Reserve Bank of Chicago.
The new .bank and .insurance domains coming online this year will provide an “incredible opportunity” to provide a more secure payments infrastructure, ABA and the Financial Services Roundtable said in a letter to the Federal Reserve officials leading the Fed’s faster payments initiative.
The Federal Reserve today requested comments on changes that the regional Federal Reserve Banks would make in connection to NACHA’s same-day ACH rule.
NACHA, the electronic payments association, today announced that its members voted to finalize a rule change that will accelerate ACH settlement, introducing two extra windows during weekdays — morning and afternoon — for credit transactions. The rule provides for fees so that receiving financial institutions can recover costs associated with handling same-day ACH.
ABA played a lead role in securing higher post-data breach reimbursement levels for banks of banks of all sizes.
The Federal Reserve’s faster payments initiative is moving forward, and milestones have been established for the Faster Payments Task Force.
It’s hard to keep up with new developments in payments, says former ABA Chairman Jeff Plagge. But banks need to stay on top of changes to serve their customers.