Fed finalizes ISO 20022 timeline extension
The Fed also confirmed the new timeline for implementation based on review of public comments: March 10, 2025.
The Fed also confirmed the new timeline for implementation based on review of public comments: March 10, 2025.
The Federal Reserve signaled that it intends to delay the implementation of the International Organization for Standardization’s 20022 message format for the Fedwire Funds Service to sometime in the first quarter of 2025. T
In a special bonus episode of the ABA Banking Journal Podcast, ABA’s Rob Morgan digs into the association’s comments on the Federal Reserve’s discussion paper on central bank digital currencies.
Fraud attempts shot up 41% year-over-year in 2021, according to a new survey released by NICE Actimize.
The Federal Reserve issued a final rule designed to help the agency implement the instant FedNow payments service, scheduled to go live in 2023.
B2B payments increased by 15.5% from Q1 2021, with more than 1.4 billion ACH B2B payments made. It’s also a 35.5% increase from Q1 2020,
The reference guide, created by NACHA’s Payments Innovation Alliance, provides background on the importance of terms and conditions when offering voice payments services and how terms may be modified to suit different needs.
In a statement for the record of a House Financial Services Committee task force hearing, ABA urged lawmakers to “remain vigilant and deliberate” in their policymaking to ensure that regulations support innovation in mobile banking and payments, rather than overregulating or replacing private sector innovators.
As the Federal Reserve continues to consider which entities may become eligible for access to its payments systems, ABA and a coalition of trade groups called for the Fed to clarify how it will address problems of institutions with novel charters—such as state-chartered non-depository banks and crypto firms—seeking access.
Innovation that puts the payment system at greater risk isn’t “disruption.” It’s an unforced error that the Fed can and should easily avoid.