ABA: FedNow Should Be ‘Bank-Centric,’ Interoperable
In a letter today, American Bankers Association offered several recommendations for the Federal Reserve to consider as it continues to develop its FedNow service.
Browsing: Payments
TCH: RTP Network Reaches More than Half of DDAs in the US
The Clearing House announced today that financial institutions holding 70% of demand deposit accounts now have access to real-time payments capabilities through their technology providers that have connected to the RTP Network.
CFPB Chief of Staff Tapped to Lead ABA’s Card Policy Council
ABA announced today that the Consumer Financial Protection Bureau’s Kirsten Sutton has been selected to serve as executive director of its Card Policy Council, the leading voice on legislative, regulatory and communications issues facing credit card issuers and payment card networks.
Survey: Businesses Prioritize Real-Time Payments Access
In a new survey from Providence, Rhode Island-based Citizens Financial Group, business leaders said that a bank’s ability to provide access to real-time payment and settlement services was the second-most-important factor when choosing a banking partner, after a bank’s ability to provide solutions throughout the business life cycle.
ABA Offers Feedback to OCC on Fostering Innovation
In an extensive comment letter to the OCC today, the American Bankers Association offered feedback on a recent advance notice of proposed rulemaking on several issues related to digital technology and innovation.
Financial Trades Raise Concerns About Potential OCC Payments Charter
The American Bankers Association joined several financial trade associations today in a letter to Acting Comptroller of the Currency Brian Brooks expressing concerns about the OCC’s plans to move forward with a narrow-purpose payments charter, noting that they would strongly oppose efforts to do so.
Survey: Consumers Show Growing Preference for Contactless Card Payments
Of payment cardholders who are familiar with contactless payments, three out of four prefer using a contactless credit or debit card to other payment options, including cash, chip cards, magnetic strip cards and mobile payment options like Apple Pay, according to a new survey from Entrust Datacard.
Fed to Hold Payments Services Fees Steady for 2021
The Federal Reserve announced today that it will maintain its current fee schedules for priced services for most payments services in 2021.
False Dichotomy: Fraud Detection and Cardholder Relationships
Banks can benefit from fraud analytics models and machine learning—and can even deputize cardholders into proactively helping them understand where transactions are legitimate and to identify potentially fraudulent activity.
Fed Publishes New Standardized Framework for Understanding Payments Fraud
The Federal Reserve today published a new framework that banks and other payment providers can use to classify and understand payments fraud.