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.

Fed 218

Fed FedNow Real Time Payments Governance 218

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.,

Fed 148

Fed Credit Cards Payments 148

Payments Dive

SEPTEMBER 26, 2023

Consumers using BNPL have lower credit scores, have been delinquent on a loan or have been rejected for a credit application over the past year, New York Fed researchers said.

BNPL 97

BNPL Fed Research Consumer 97

Fintech Weekly

DECEMBER 6, 2023

Fed raises interest rates for the ninth time in a row. What this means for the global economy and the fintech industry. FOMC March 2023.

Fed 78

Fed Economy FinTech 78

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.

Cross-Border 97

Cross-Border Cross-Border Payments Fed Payment Programs 97

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.

FedNow 190

FedNow Federal Reserve Fed Instant Payments 190

Payments Dive

MAY 19, 2023

elected officials and other policymakers to make decisions that instill confidence in our economy and institutions,” a New York Fed official said Thursday. “For the dollar to maintain its status, it is important for U.S.

Fed 88

Fed Economy 88

Payments Dive

SEPTEMBER 18, 2023

Researchers with the Philadelphia Fed’s Consumer Finance Institute also discovered a typical BNPL user’s credit score was more than 50 points lower than a non-user's.

BNPL 97

BNPL Fed Research Finance 97

Payments Dive

MAY 7, 2024

When it comes to bridging the FedNow and RTP networks, officials at the Federal Reserve and The Clearing House have slightly different priorities.

TCH 103

TCH Interoperability Fed Federal Reserve 103

Payments Dive

MAY 14, 2024

The Federal Reserve Board said it has received some 2,500 comment letters regarding its Regulation II proposal to cut the fees that merchants are charged when they accept debit cards.

Debit Card 97

Debit Card Federal Reserve Fed Regulations 97

Payments Dive

MAY 15, 2024

Concerns about the $35B merger proposal, which has already faced opposition, are likely to surface again at the July public meeting.

OCC 158

OCC Fed 158

Fintech News

DECEMBER 10, 2023

The post RBI Discusses CBDCs for Cross-Border Payments with HKMA, US Fed, and SWIFT appeared first on Fintech Singapore. This initiative represents a strategic step by the RBI to integrate CBDCs into global financial systems, enhancing the efficiency and security of cross-border transactions.

Cross-Border Payments 109

Cross-Border Payments Cross-Border SWIFT Fed 109

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.

Fed 132

Fed Federal Reserve Digital Currency Central Bank 132

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.

FedNow 97

FedNow Fed Payments 97

Payments Dive

APRIL 17, 2024

Despite political opposition to a potential U.S. central bank digital currency, research staff at the central bank continue to study the possibility.

Research 97

Research CBDC Fed Central Bank 97

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.”.

Digital Currency 113

Digital Currency Fed Federal Reserve CBDC 113

Fintech Finance

MAY 13, 2024

The post Finastra Boosts Its Payments Processing Strategy with Fed Certification for ISO 20022 appeared first on Fintech Finance. By aligning with this global standard, banks and credit unions are well-positioned to improve their payment processing and promote interoperability worldwide.”

ISO 20022 52

ISO 20022 ISOs FedWire Fed 52

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.

Federal Reserve 173

Federal Reserve FedNow Fed RTP 173

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

Fed 135

Fed Federal Reserve Returns Consumer 135

Payments Dive

NOVEMBER 10, 2022

Researchers designed a prototype digital currency and blockchain and simulated foreign exchange spot transactions that cleared within 10 seconds, but they said the study doesn’t endorse a CBDC or assume the Fed will issue one.

CBDC 78

CBDC Fed Cross-Border Payments Cross-Border 78

Fintech Finance

APRIL 12, 2024

The post Finzly Among the First to Receive Fed Certification for Fedwire ISO 20022 appeared first on Fintech Finance.

ISO 20022 78

ISO 20022 FedWire ISOs Fed 78

Payments Dive

NOVEMBER 8, 2023

Nearly 3% of millennials are newly delinquent as of the third quarter this year, slightly up from 2.5% in Q3 2019, according to a report from the Federal Reserve Bank of New York.

Credit Cards 167

Credit Cards Federal Reserve Fed 167

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.

Fed 218

Fed Payments Governance Government 218

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.

Fed 100

Fed Federal Reserve Economy Mitigation 100

Payments Dive

DECEMBER 20, 2023

PayPal, Block and Global Payments representatives contributed to the Atlanta Federal Reserve Bank’s research on how to draw more people into the digital payments sphere.

Federal Reserve 113

Federal Reserve Fed Blocks PayPal 113

PYMNTS

AUGUST 6, 2019

The Fed plans to build its own instant clearing and settlement rails. We only get to make this kind of decision once every 30 or 40 years,” Brainard said, noting that this was the biggest payments oriented move made by The Fed since the early 1970s and the implementation of the ACH system. “At It’s now official. Brainard asked.

FedNow 85

FedNow Fed Federal Reserve Instant Payments 85

Finextra

MAY 13, 2024

Finastra, a global provider of financial software applications and marketplaces, today announced it has completed testing and certification through the Federal Reserve for ISO 20022, becoming one of the first vendors in the industry to complete the process for multiple solutions.

ISO 20022 59

ISO 20022 ISOs Federal Reserve Fed 59

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).

Digital Currency 108

Digital Currency Central Bank Fed Federal Reserve 108

PYMNTS

MAY 6, 2020

The Federal Reserve has formed a FedNow Community group for its upcoming instant payment offering, the FedNow Service , and needs volunteers to support it, the Fed announced Wednesday (May 6). The Fed acknowledged the challenges brought on by the coronavirus but noted the FedNow Service is still scheduled to be unveiled in 2023 or 2024.

FedNow 93

FedNow Fed Instant Payments Participant 93

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.

Fed 110

Fed Federal Reserve Procedures Product 110

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.

ACH 194

ACH Federal Reserve Fed Payments 194

Payments Source

APRIL 6, 2020

The Fed plans to make its National Settlement System (NSS) more available. This will help Nacha broaden its settlement capabilities to new regions, writes Icon Solutions' Gene Neyer.

Fed 80

Fed NACHA Settlement Payments 80

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.

Rules 183

Rules Federal Reserve Fed Debit Card 183

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.

Fed 109

Fed eWallet Federal Reserve Central Bank 109

Payments Dive

FEBRUARY 20, 2024

Tools that “automate processes, reduce costs and promote effective safeguards across jurisdictions” may help improve cross-border payments, a Federal Reserve official said last week.

Cross-Border Payments 88

Cross-Border Payments Cross-Border Federal Reserve Fed 88

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.

Fed 117

Fed Faster Payments Duplicate Payments 117

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.

Federal Reserve 97

Federal Reserve ACH Fed Volume 97