Payments Dive

MARCH 19, 2024

Automated payments volume processed by The Clearing House grew at a faster rate than at the Federal Reserve last year.

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PYMNTS

JULY 5, 2017

According to Fed researchers, there were some significant changes in corporate payments activity between 2000 an 2015. Meanwhile, ACH payments increased, with businesses sending an average of 29.8 The value of corporate payments has also significantly risen since 2000, the Fed found.

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PYMNTS

MARCH 18, 2019

First, there was the Fed’s decision to slow faster payments progress via Same Day ACH because it wasn’t ready to approve another processing window during the day. Last week, NACHA issued an ACH operations bulletin announcing the delay of the rollout of a third Same Day ACH (SDA) processing window by six months, to March 19, 2021.

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Payments Source

MARCH 14, 2019

But this new entity could butt heads with the Federal Reserve if it thinks the Fed isn't moving fast enough. The new U.S. Faster Payments Council states a clear mission — to promote faster payments in the U.S.

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Payments Source

MARCH 13, 2019

After more than two years of successful operation in delivering Same-Day ACH payments, Nacha's request to add a third processing window has been denied by the Federal Reserve, which says it has to obtain public comment on the concept.

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Payments Source

MARCH 15, 2019

Nacha's request to the Fed to extend submission times for its Same-Day ACH network was far from routine for two organizations that had worked together for decades.

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PYMNTS

AUGUST 7, 2020

6) symposium highlighting the Fed’s approval of the FedNow system, Fed Gov. The Fed is defining instant payments as a subset of payments in which an end user receives funds in near real time, with immediate interbank settlement of the payment also having occurred. If all goes as planned, that is. In a Thursday (Aug.

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PYMNTS

DECEMBER 19, 2019

Banks were told about a “disruption” in the automated clearing house (ACH) network that brought about delays in settlements, CNN reported. The Fed noted at 10:31 a.m. However, the Fed said in a statement per the report that tech staff still are still looking into the problem’s fundamental cause. The biggest U.S.

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PYMNTS

SEPTEMBER 27, 2019

Despite some previous pushback, the Fed, represented by Federal Reserve Bank of Kansas City President and Chief Executive Officer Esther L. One of the committee’s largest criticisms of the Fed’s proposed service is its limited funds transfer availability window, as well as its five-year timeline to roll out the FedNow service.

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Payments Source

JUNE 3, 2019

Competition from the public sector in payment services has benefited the public and should not be discounted in the development of a real-time system, said Kansas City Fed chief Esther George.

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Fintech Finance

APRIL 12, 2024

In addition to Fedwire, Finzly’s ISO 20022 native platform encompasses all other domestic payment rails, including FedNow, RTP, and ACH. The post Finzly Among the First to Receive Fed Certification for Fedwire ISO 20022 appeared first on Fintech Finance.

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PYMNTS

JUNE 23, 2020

Dubbed the FraudClassifer model , the initiative includes a set of tools and resources for payment service providers, corporates and other industry stakeholders to understand fraud across ACH, wire and check payments. The solution supports the need to classify fraud independently of payment type or other payment characteristic.

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Federal Reserve RTP Payment APIs and Integration Fed 106

PYMNTS

DECEMBER 21, 2018

That card payment data, according to the Fed, includes credit cards, debit cards and prepaid debit cards. percent of card payments in 2017, said the Fed , and “in a departure from previous reporting periods, a surge was seen in the number of prepaid and non-prepaid debit card payments relative to credit card payments.”.

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Payments Source

DECEMBER 12, 2018

The Fed's faster payments task force is not likely to receive welcoming feedback from current operators who aren't convinced a hands-on role for the Fed is needed.

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PYMNTS

AUGUST 12, 2019

That’s the talk track now from the Fed , which a week ago today announced its plans to build and operate a new set of real-time rails, using accelerated access to employer paychecks as its launch use case. It’s also not why the Fed decided to enter the real-time payments fray. The Fed’s Not-so-Fast Ambitions.

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Payments Source

MAY 9, 2018

But the migration has actually moved further along to the more lucrative venue of real-time Fed-mandated ACH payments. When EMV chip cards were launched in the U.S., the initial fear in the security and payment industries was that fraud would migrate to e-commerce.

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Payments Source

FEBRUARY 12, 2020

To address immediate market demand but allow time for the project to be done right, the official leading implementation of FedNow says the central bank envisions an initial release in 2023 or 2024 followed by subsequent updates.

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PYMNTS

AUGUST 10, 2020

But with a 2023-24 timeframe to implementation, the Fed’s efforts will take a while to cross the Rubicon from concept to reality. Waiting for the Fed — and its promise of interoperability, which requires participation from the private sector — is akin to playing the (very) long game.

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Payments Source

APRIL 18, 2018

Financial institutions providing funds via the Fed's same-day ACH transfers need to their systems protect their customers, are commercially reasonable and, most important, follow strictly the protocols the financial institution has agreed to with its customer, writes Alexander Buchanan, counsel at Waller Lansden Dortch & Davois LLP.

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PYMNTS

JUNE 20, 2016

Reports on Friday (June 17) by the Association for Financial Professionals (AFP) said the Fed recently provided an update on its progress to encourage ISO 20022 adoption. ” One of the biggest hurdles in efforts to promote the adoption of ISO 20022 is NACHA, which has yet to decide whether it will implement ISO 20022 for ACH payments.

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PYMNTS

AUGUST 5, 2019

The move was described by Kansas Federal Reserve President Esther George as the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972. Under the Monetary Control Act, in order to create its own system, the Fed must show that it is providing a service the private sector cannot.

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PYMNTS

NOVEMBER 15, 2017

More than two years after the Fed’s Faster Payments Task Force first took shape in 2015, the push toward innovation and improved infrastructure (and why shouldn’t the two be intertwined?) To that end, the Fed held a webinar late last month titled “ Next Steps in the Payments Improvements Journey.”. remains in full force. .

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PYMNTS

SEPTEMBER 2, 2019

Faster payment initiatives, a focus on application programming interfaces (APIs) and data integrations and efforts to elevate traditional B2B payment tools like ACH and commercial cards all made waves this summer. When they need to move money same-day or next-day, their minds go straight to wire.”.

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PYMNTS

MAY 10, 2019

13, 2018, NACHA , the rules and standards body for the ACH network, announced that its voting members had approved amendments to the NACHA Operating Rules & Guidelines to establish a third Same Day ACH processing and settlement window,” the Federal Reserve wrote in the announcement. “On Sept.

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PYMNTS

JANUARY 21, 2019

That was the day that an advocacy group, Financial Innovation Now (FIN), submitted a public comment letter to the Fed in response to its proposal to create and operate a real-time payments system in the U.S. And maybe move the Fed in their preferred direction. That suggests that putting the Fed front-and-center in the U.S.

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PYMNTS

SEPTEMBER 23, 2019

The assessment by the Fed will incorporate dialogue from users of the Fedwire Funds Service and The Clearing House Payments Company , which runs the CHIPS funds-transfer system. This is the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972.

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PYMNTS

MARCH 11, 2020

It’s the Feds versus the Free Marketeers, and the feud between them is over whose real-time payments (RTP) rails will rule them all. Sensing that existing fast payments are not accessible enough, the Fed proposed the FedNow? There’s a battle brewing in payments. RTP and Ubiquity.

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PYMNTS

AUGUST 3, 2016

Same Day ACH has been a focus for banks since it was proposed in early 2014. 23 to go smoothly is that the ACH network is already being used by banks and consumers. Now, it’s coming to life. Phase 1 of the Faster Payments initiative launches on Sept. Starting on this date, all financial institutions in the U.S.

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PYMNTS

DECEMBER 19, 2019

Also, in 2018, total automated clearing house (ACH) payments were estimated to have arrived at 28.5 ACH payments in totality increased at a faster rate of 7.2 ACH payments in totality increased at a faster rate of 7.2 And ACH payments made up 66.1 ACH payments, by number, were 16.4 By contrast, there were 33.5

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Federal Reserve Fed ACH Payments 52

PYMNTS

APRIL 27, 2020

“It’s not realistic to manage 20 million retail bank accounts” at the Fed, contended Cagney, especially with the infrastructure needed to support robust know-your-customer (KYC) and anti-money laundering (AML) activities. That’s a nightmare waiting to happen with the amount of fraud that could occur there.”.

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PYMNTS

NOVEMBER 8, 2019

“We only get to make this kind of decision once every 30 or 40 years,” Brainard said, noting this was the biggest payments-oriented move made by the Fed since the early 1970s and the implementation of the ACH system. “At financial system and the U.S. economy?”

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PYMNTS

NOVEMBER 8, 2019

“We only get to make this kind of decision once every 30 or 40 years,” Brainard said, noting this was the biggest payments-oriented move made by the Fed since the early 1970s and the implementation of the ACH system. “At financial system and the U.S. economy?”

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Payments Source

DECEMBER 19, 2019

The Federal Reserve is investigating the second significant disruption in 2019 of a payments service administered by the U.S. central bank.

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PYMNTS

OCTOBER 28, 2020

Surge in Commercial Payments Pushes ACH Payments Volume up 9 Pct in Q3. To that end, the ACH Network saw 6.8 Fed Reserve, FinCEN Seek Input on Bank Secrecy Act Rule Changes. The Automated Clearing House experienced a significant rise in activity in Q3, even as government assistance initiatives trailed off.

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PYMNTS

AUGUST 25, 2019

The move was described by Kansas Federal Reserve President Esther George as the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972. The Fed is looking to leverage its pre-existing connections to over 10,000 U.S.

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Payments Source

MAY 22, 2019

Avidia Bank joins the network even as other community banks call on the Fed to create its own real-time payment service to compete.

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PYMNTS

JANUARY 25, 2019

The Federal Reserve has suggested that it could create this offering, which would settle payments between Fed-held bank accounts in real time. Richardson said this mechanism could help FIs to offer 24/7 year-round instant payments by ensuring that they have sufficient Fed account funds for around-the-clock settlement.

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