Payment messaging upgrade promises benefits
Enriched data from ISO 20022 is expected to spur new payment-related products and more insightful analysis into customer payment patterns
Browsing: Payments
Sanctions 101: How banks can navigate SWIFT and export bans
Financial institutions will benefit by embracing innovation and being proactive during breaking developments.
Fed to delay ISO 20022 implementation until 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
Study: Fraud attempts rise 41% in 2021
Fraud attempts shot up 41% year-over-year in 2021, according to a new survey released by NICE Actimize.
Fed finalizes Reg J amendments governing FedNow service
The Federal Reserve issued a final rule designed to help the agency implement the instant FedNow payments service, scheduled to go live in 2023.
ABA to policymakers: Don’t undermine private-sector payments innovation
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.
TCH raises RTP network transaction limit to $1 million
The Clearing House today announced an increase in the general transaction value limit for payments made on the Real-Time Payments Network.
ABA Highlights Need for Consumer Protections in BNPL Marketplace
The American Bankers Association last week called on the CFPB to monitor the rapidly expanding “buy now, pay later” marketplace and ensure that BNPL providers that do not choose to partner with regulated financial institutions are subject to appropriate consumer protection standards.
ABA Urges Treasury to Raise Awareness of Coin Circulation Slowdown
The American Bankers Association and a coalition of trade groups today urged the Treasury Department to raise public awareness of the current coin circulation slowdown and the need to get coins moving in the economy.
NACHA Expands Same-Day ACH Limit to $1M
As expected, NACHA today increased the dollar limit for same-day ACH transactions from $100,000 to $1 million. The change was executed in collaboration with the Federal Reserve and The Clearing House, the network’s two ACH operators.