FedNow to launch by mid-2023, Fed official says
Payments Dive
AUGUST 19, 2022
The federal government’s new real-time payments system should be ready for use by the middle of next year, Fed Governor Michelle Bowman said in a speech this week.
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Payments Dive
AUGUST 19, 2022
The federal government’s new real-time payments system should be ready for use by the middle of next year, Fed Governor Michelle Bowman said in a speech this week.
Payments Dive
APRIL 25, 2024
About 700 financial institutions have connected to the Fed’s instant payment network since last July, with at least 1,000 more in the pipeline, a FedNow official said this week.
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Tom Groenfeldt
FEBRUARY 4, 2019
If banks are worried about big tech players getting into payments, they have a right to be -- Google and Amazon, among others, would like access to Fed faster payments.
Payments Dive
SEPTEMBER 13, 2023
Fed officials are on a campaign to increase adoption of the new instant payments system, noting it may have implications for other Fed services.
Tom Groenfeldt
JANUARY 30, 2019
Fed payment experts think the central bank should build and operate a real-time payments network to provide competition to the TCH network operated by the largest banks.
Payments Dive
OCTOBER 20, 2023
The Fed hasn’t changed a debit card fee cap since it was put in place in 2011, but it's planning to take up the issue at a meeting next week.
Payments Dive
MARCH 20, 2024
New research from the Philadelphia and Boston Feds finds that consumers are cycling through low APR credit card offers.
Payments Dive
NOVEMBER 21, 2023
As consumers have leaned on credit cards more in recent months, applications for credit card limit extensions also rose, the New York Fed said Monday.
Payments Dive
JULY 14, 2023
Cleveland Fed President Loretta Mester in a speech this week spelled out tools the new instant payments system will have for thwarting fraud.
Payments Dive
MAY 23, 2023
but cash demand remains stable, a Fed report showed. Credit cards were the most used payment method last year in the U.S.,
Bank Automation
MAY 2, 2025
The decision sounds like the Fed had predetermined it was going to approve the transaction and […] The post Senator Warren urges Fed to reconsider Capital One deal for Discover appeared first on Bank Automation News.
Payments Dive
FEBRUARY 27, 2024
This Fed official makes a strong case, but digital doubts may remain. Can the dollar’s reign as the world’s reserve currency persist?
PYMNTS
APRIL 10, 2020
As reported, the Fed is expanding its “Main Street” lending efforts for smaller firms that have staff up to 10,000 individuals; the expanded Main Street focus will provide an added $600 billion in loans and offers $75 billion slated to come from the Treasury Department. The Fed package, of course, comes on the heels of the $2.2
PYMNTS
SEPTEMBER 25, 2020
Cleveland Federal Reserve President Loretta Mester said in a speech this week that a digital dollar could conceivably be a form of money transfer that would enable the Fed to disburse money to all individuals in America. The Fed, of course, is hardly alone in mulling digital fiat currencies.
Payments Dive
JULY 20, 2022
A federal government report released this week takes aim at the problem of fraudulent public benefit payments, which mushroomed to $281 billion for fiscal year 2021.
Payments Dive
NOVEMBER 22, 2024
The regional Fed bank, which has purview for the proposed merger, demanded more information from the bank as it considers whether to approve the deal.
Payments Dive
APRIL 14, 2025
Some House Financial Services Committee members are pressuring the Federal Reserve to reverse a proposal to lower the debit card fees that banks can charge.
PYMNTS
AUGUST 14, 2020
In a speech delivered by webcast at the Federal Reserve Board and Federal Reserve Bank of San Francisco’s Innovation Office Hours, Fed Governor Lael Brainard said that the Federal Reserve Bank of Boston is working with researchers at MIT to “build and test a hypothetical digital currency oriented to central bank uses.”.
Payments Dive
APRIL 22, 2024
The Federal Reserve is stressing the importance of fintechs and core providers for the future expansion of its new instant payments system FedNow.
Payments Dive
NOVEMBER 5, 2024
“It's going to be up to us to move instant payments from being novel to being normal,” Federal Reserve Financial Services’ chief payments executive told attendees at a major industry conference last week.
Payments Source
AUGUST 14, 2019
Were the Fed to develop its own payments platform, it would be expensive, duplicative, inefficient, and curtail development of real-time services, argues the National Taxpayers Union's Thomas Aiello.
Payments Dive
APRIL 24, 2023
Card, ACH and check payment values climbed from 2018 to 2021, as cash was left behind, according to the Federal Reserve’s noncash payments study.
Payments Dive
NOVEMBER 27, 2024
Consumers’ credit card delinquencies have risen this year, along with their balances, according to an annual Federal Reserve Board report.
Payments Dive
SEPTEMBER 30, 2024
While most U.S. households have a bank account, just under half use a nonbank payment service, Kansas City Federal Reserve Bank research says.
Payments Dive
OCTOBER 4, 2022
In a 6-1 vote, the Federal Reserve finalized a debit card processing rule that underscores a requirement that multiple card networks be available for routing transactions, including online.
The Fintech Times
FEBRUARY 6, 2025
Neuner points out that while Wyoming and the OCC did issue three charters previously, none of them have been able to gain access to the Fed payment system. Ive always believed that the key to making crypto usable in payments and mainstream finance is a digital asset bank with native connections to the existing financial system.
PYMNTS
MARCH 22, 2020
The Fed doesn’t currently think that the virus will be worsened by the transmission and trading-hands of dollars, Joey Lee, spokesperson for the Federal Reserve Bank of Philadelphia, said, pointing to recent Centers for Disease Control and Prevention (CDC) findings. In recent weeks, as the virus has spread rapidly across the U.S.
Finextra
JANUARY 14, 2025
Stablecoins are going mainstream and could grow to rival credit and debit cards, predicts a payments expert at the Atlanta Fed.
PYMNTS
OCTOBER 9, 2020
Fed Governor Lael Brainard said in August that the Federal Reserve Bank of Boston is working with researchers at MIT to “build and test a hypothetical digital currency oriented to central bank uses.” The Fed also launched an instant payment initiative in August.
PYMNTS
JUNE 2, 2020
The Atlanta Fed said the next GDPNow update will be on Thursday (June 4). The Atlanta Fed cautioned, “In particular, it does not capture the impact of COVID-19 beyond its impact on GDP source data and relevant economic reports that have already been released. trillion to the U.S.
PYMNTS
MARCH 23, 2020
The Fed would be in control of the digital wallets. In addition, member banks of the Fed can have a “pass-through digital dollar wallet” per the draft bills, as cited by the outlet. Recipients of payments would get a “pro-rata share of a pooled reserve balance” that the member keeps.
Payments Dive
APRIL 20, 2023
The Federal Reserve plans to discontinue its cross-border ACH payments service to Europe and Canada later this year, Fed officials reiterated at a conference this week.
PYMNTS
OCTOBER 19, 2020
The Fed chief made his comments as part of a panel discussion on digital currencies hosted by the International Monetary Fund (IMF). The Fed chief, noting that the U.S. It comes on the heels of an IMF report that raises concerns about growing momentum toward central bank-issued digital currencies (CBDCs).
Payments Dive
NOVEMBER 14, 2023
The new hire is tasked with boosting adoption of The Clearing House’s RTP real-time payments system, as the new rival Federal Reserve FedNow system seeks to attract clients.
Payments Dive
OCTOBER 1, 2024
The Federal Reserve’s interest rate reduction may give the company leeway to offer more consumers 0% interest or a lower APR, Affirm CFO Michael Linford said this week.
Payments Dive
AUGUST 26, 2024
Gen Z and millennials were the age groups most likely to use loans and credit cards to respond to higher prices, a Federal Reserve research report said.
Payments Dive
APRIL 22, 2025
Moving away from in-game currencies may make the gaming experience simpler for players and reduce costs for video game companies, Kansas City Fed specialists argue.
Payments Dive
MAY 12, 2022
While first-quarter consumer credit card debt rose relative to the same period last year, it dropped compared to the fourth quarter. Meanwhile, consumers' outlook on the availability of credit deteriorated.
Payments Dive
SEPTEMBER 18, 2024
The Federal Reserve’s proposal to extend the operating hours of two interbank payments systems has been welcomed by large banks, but panned by many small financial institutions.
Payments Dive
SEPTEMBER 8, 2022
Here are 10 takeaways from the Fed's new head of supervision, on everything from payments to crypto to FedNow.
Payments Dive
MAY 16, 2022
The COVID-19 pandemic led U.S. consumers to change up their payment habits, but three long-term cash trends have mainly persisted, according to a Federal Reserve Bank report issued this month.
Payments Dive
FEBRUARY 17, 2023
Despite a pause in payments required for federal student loans, younger borrowers particularly are showing higher credit card delinquencies.
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