In a long-awaited decision, the Federal Reserve today announced it would develop FedNow, its own 24/7/365 real-time settlement service designed to serve all U.S. depository institutions.
As the Federal Reserve weighs whether to develop a real-time payments option, an American Banker op-ed today noted that community banks cannot afford to wait on a Fed solution to offer this technology to their customers.
The American Bankers Association announced today that it has hired Consumer Financial Protection Bureau veteran Dan Smith to serve as executive director of its Card Policy Council.
The U.S. Faster Payments council—an industry-led coalition dedicated to driving faster payments innovation and adoption—has announced that ABA SVP Steve Kenneally has been elected to a two-year term on its board.