Tag Archives: payments system

ABA Ads Urge Payments Innovations, Not Mandates

ABA this week is running ads in Capitol Hill publications and on D.C.-area talk radio stations urging Congress to let the payments industry continue to develop innovative solutions to secure payments -- and not mandate static technologies such as chip-and-PIN, which is fast becoming out of date.

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Fedwire and CHIPS to adopt ISO 20022 Message Format

The Federal Reserve Banks and the Clearing House are exploring how to adopt the ISO 20022 payment messages for the U.S. wire transfer systems (i.e. Fedwire Funds Service and CHIPS, respectively), but the scope, means and timing of adoption have not yet been determined.

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Faster Payments: Happening Faster

The discussion about the migration to faster payments used to feel like people talking about the weather. Everyone complained about it but no one ever did anything.

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Numerous ABA Members Named to Fed Payments Task Force

The Federal Reserve recently released the roster of those selected for its Faster Payments Task Force, a group representing all stakeholders in the payments industry to help identify approaches to creating a better, faster and safer U.S. payments system.

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ABA Urges Fed to Back NACHA Same-Day Payments Rule

ABA today urged the Federal Reserve to approve the recent rule change from NACHA, the electronic payments association, that would require financial institutions to have same-day ACH capability and require sending institutions to pay a 5.2 cent per-transaction fee to offset the costs of participating in same-day ACH.

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