article thumbnail

Fed seeks 8,000 financial institutions for FedNow

Payments Dive

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.

FedNow 202
article thumbnail

Fed officials tout FedNow, seek adoption

Payments Dive

Fed officials are on a campaign to increase adoption of the new instant payments system, noting it may have implications for other Fed services.

Fed 167
article thumbnail

Fed banks analyze consumer use of card promos

Payments Dive

New research from the Philadelphia and Boston Feds finds that consumers are cycling through low APR credit card offers.

Fed 166
article thumbnail

Fed touts FedNow’s fraud tools

Payments Dive

Cleveland Fed President Loretta Mester in a speech this week spelled out tools the new instant payments system will have for thwarting fraud.

Fed 148
article thumbnail

Fed to review debit card fee cap next week

Payments Dive

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.

article thumbnail

Credit card demand remains robust, rejections rise: New York Fed

Payments Dive

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.

article thumbnail

Fed official makes a case for the dollar’s hegemony

Payments Dive

This Fed official makes a strong case, but digital doubts may remain. Can the dollar’s reign as the world’s reserve currency persist?

Fed 142