TCH, EBA Clearing, Swift Partner for Faster Cross-Border Payments
With the backing of 11 large international banks, the Clearing House, EBA Clearing and Swift have collaborated in an effort to facilitate real-time cross-border payments.
Browsing: Payments
U.S. Coin Task Force Urges Increased Circulation of Coins
As part of October’s Get Coin Moving Month, the U.S. Coin Task Force—of which the American Bankers Association is a member—is urging Americans to return their dormant coins into circulation. There is currently $46.8 billion in coins in circulation, according to the task force, but much of it is sitting unused in 128 million households.
ABA Calls for Interoperability as Fed Develops FedNow
In a comment letter to the Federal Reserve today, the American Bankers Association offered feedback on a recent proposal to revise Regulation J to accommodate the new FedNow Service, which is expected to go live in 2023.
ABA Opposes Some Proposed Changes to Fed’s Payment System Risk Policy
The American Bankers Association today expressed opposition to several proposed changes to the Federal Reserve’s payment system risk policy.
ABA Recommends to NACHA Not to Change Early Funds Availability Rules
The American Bankers Association last week urged NACHA not to change rules around financial institutions offering early funds availability due to the lack of statistical evidence, despite anecdotal stories of the practice increasing liabilities.
Fed Chairman ‘Undecided’ about Merits of Central Bank Digital Currency
Testifying before the Senate Banking Committee today, Federal Reserve Chairman Jerome Powell said that he is “legitimately undecided about whether the benefits outweigh the costs” of creating a central bank digital currency.
Fed Proposes Changes to Reg J to Accommodate FedNow
The Federal Reserve today proposed to create a new subpart of Regulation J that would provide a “comprehensive set of rules” to govern funds transfers made through FedNow, the real-time payments network the Fed is developing.
Fed Issues Proposal Aimed at Improving Intraday Liquidity Management
The Federal Reserve today asked for comments on proposed changes to its payments system risk policy that would expand access to collateralized intraday credit from the Federal Reserve Banks.
Fed Advisory Council Urge Scrutiny of Fintech Firms Seeking Payments System Access
Members of the Federal Reserve’s Community Depository Institutions Advisory Council—which includes several American Bankers Association member bank CEOs—raised concerns about the growing number of nonbank competitors seeking to offer banking products and services while circumventing the traditional regulatory structure, according to minutes released on Friday by the Fed.
Fed Proposes Guidelines for Payments System Access
In a significant move today, the Federal Reserve proposed new guidelines that it will use when evaluating requests for master accounts with the Fed or access to the agency’s financial services.