The Federal Reserve today said it would change the implementation date for modifications to the Federal Reserve Banks’ payment services to facilitate adoption of a third same-day ACH processing and settlement window and for corresponding changes to the Fed’s Policy on Payment System Risk.
With the COVID-19 pandemic disrupting the circulation of coins nationwide, the U.S. Coin Task Force—of which the American Bankers Association is a member—has published new resources for retailers, financial institutions and armored carriers to use to help encourage circulation.
In a letter today, American Bankers Association offered several recommendations for the Federal Reserve to consider as it continues to develop its FedNow service.
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.
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.
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.
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.
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.
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.
The Federal Reserve announced today that it will maintain its current fee schedules for priced services for most payments services in 2021.