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 Government 218

Tom Groenfeldt

JANUARY 31, 2019

Real-time payments could save people, especially poor people, billions in late fees, check cashing costs or payday loans. Brookings says the Fed could simply require banks to permit immediate access to consumer deposits with a regulatory change.

Real Time Payments 125

Real Time Payments Consumer Fed Payments 125

Tom Groenfeldt

JANUARY 24, 2019

Merchants want to Fed to operate a real-time payments network as an alternative to the private network developed by the nation's largest banks through The Clearing House with technology from Mastercard.

Real Time Payments 100

Real Time Payments Fed Payment Networks Visa 100

Payments Source

JULY 30, 2019

The Fed's involvement will inject competition into the market and offer merchants choice as they weigh their payments acceptance options, argues John Drechny, CEO of the Merchant Advisory Group.

Federal Reserve 143

Federal Reserve Real Time Payments Fed Payments 143

PYMNTS

DECEMBER 18, 2018

Amazon , Apple and Google are among the large tech companies that are throwing their support behind the creation of a real-time payments network in the U.S. to speed up payments. The tech giants pointed to the fact that the Fed already plays the central role for checks and wire transfers.

Real Time Payments 83

Real Time Payments Fed Federal Reserve Payment Networks 83

PYMNTS

AUGUST 10, 2020

Federal Reserve, where details (a roadmap, really) of FedNow , the proposed instant payment system, were released earlier this month. But with a 2023-24 timeframe to implementation, the Fed’s efforts will take a while to cross the Rubicon from concept to reality. What’s Next.

Real Time Payments 138

Real Time Payments RTP TCH Federal Reserve 138

PYMNTS

SEPTEMBER 27, 2019

The Federal Reserve’s buildup to faster payments innovation came to a head in August when it announced FedNow , its proposed real-time payments infrastructure under the draft Payments Modernization Act of 2019. payments ecosystem. Reception toward the initiative was not, however, universally positive.

Real Time Payments 69

Real Time Payments Fed Federal Reserve FedNow 69

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 Fed FedNow RTP 173

Payments Source

JULY 22, 2019

A group of senators on the Banking Committee sent a letter to the central bank chairman grilling him on the agency's efforts to develop a real-time payments system.

Real Time Payments 79

Real Time Payments Fed Central Bank Payments 79

Payments Dive

MARCH 16, 2023

The central bank is targeting July, as opposed to the earlier end of its prior range, for starting its new real-time payments service.'

Fed 158

Fed Real Time Payments Central Bank Payments 158

Payments Source

AUGUST 5, 2019

As part of its justification for developing its own government-backed system, the central bank said that leaving only a single fast network run by big banks constitutes a potential risk to the economy.

Real Time Payments 105

Real Time Payments Fed Central Bank Economy 105

Payments Source

JUNE 21, 2019

Public-sector development of a speedier settlement service, to operate alongside the one being developed by The Clearing House, is crucial for seeing that institutions of all sizes are able to take advantage of this technology.

Real Time Payments 98

Real Time Payments Fed Settlement Payments 98

PYMNTS

AUGUST 4, 2019

All that could change as soon as this week, when the Fed is expected to announce changes. In many places, the Fed operates alongside private-sector operators,” he added, according to the Wall Street Journal. “So One issue being that they believe an updated Fed system could result in a delay in the adoption of instant payments.

Real Time Payments 77

Real Time Payments Fed Federal Reserve Instant Payments 77

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. financial system.

Real Time Payments 78

Real Time Payments FedNow TCH Fed 78

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.

Real Time Payments 75

Real Time Payments Community Banks Fed Payments 75

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.

FedNow 85

FedNow Fed Federal Reserve Real Time Payments 85

Payments Dive

MARCH 9, 2023

The real-time payments system due later this year could have particular appeal to unbanked and underbanked Americans, Fed researchers say.

FedNow 154

FedNow Fed Real Time Payments Research 154

PYMNTS

JANUARY 25, 2019

As they work to achieve this, more companies are ditching paper-based methods and embracing digital solutions that streamline payments and reconciliations. Some financial institutions (FIs) are seeking to help their corporate clients tap into real-time payments (RTP) to keep up the pace. . “We

Real Time Payments 67

Real Time Payments Federal Reserve RTP TCH 67

Payments Source

MARCH 30, 2020

All financial institutions are now in the decision mode of being a "fast follower" and joining the Clearing House scheme, or being a "patient follower" and waiting for the Fed, writes Icon Solutions Gene Neyer.

Real Time Payments 94

Real Time Payments Fed Payments Federal Reserve 94

Payments Source

MAY 21, 2019

The private sector will be able to provide more efficient and innovative technologies for the industry.

Real Time Payments 73

Real Time Payments Fed Payments Innovation 73

Payments Source

AUGUST 29, 2019

But big banks see the slow rollout as an opportunity to expand their own instant payment network. Community banks and tech companies that are happy the central bank is building a next-generation system are not as pleased with its four- to five-year timeline.

Real Time Payments 82

Real Time Payments Payment Networks Fed Central Bank 82

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

PYMNTS

DECEMBER 6, 2018

Target and Walmart , among other companies, are asking the Fed to create a way for interbank transfers to be settled in real time, 24/7, in an effort to get paid in real time. Fed actions could potentially enable shoppers to make payments from their checking accounts without going through the rails for debit cards.

Fed 55

Fed Real Time Payments FedPayments Improvement Federal Reserve 55

Payments Source

OCTOBER 20, 2019

The goal is to get a better understanding of past incidents, thereby arming the Fed to improve its response as more companies implement faster payments.

Fed 63

Fed Real Time Payments Faster Payments Payments 63

PYMNTS

NOVEMBER 14, 2017

s first new payment and clearing system in more than 40 years is up and running. was moved between accounts at two different banks (there was only one customer with two bank accounts) via RTP, the name for a new “Real-Time Payments” system set up by The Clearing House. At 4:59:40 p.m. on Monday, $3.50

Real Time Payments 77

Real Time Payments RTP Irrevocability Faster Payments 77

Payments Source

JULY 29, 2019

If the Federal Reserve doesn't maintain an active role, Wall Street megabanks could take over the payments system.

Real Time Payments 69

Real Time Payments Federal Reserve Fed Payments 69

PYMNTS

JUNE 19, 2017

Real-time payments. Really, this time. In our latest Topic TBD, Cheryl Gurz, global head of payments offering and product strategy at CGI, told Karen Webster that faster payments is an idea whose time has come, and has been coming. The stage is set. For years. “I For CGI’s own clients, as the U.S.

Real Time Payments 64

Real Time Payments ACH Faster Payments Same Day ACH 64

Payments Source

SEPTEMBER 28, 2020

The central bank must engage core processors, community banks and The Clearing House if it wants to move quickly on building out its FedNow system.

Real Time Payments 79

Real Time Payments FedNow Community Banks Fed 79

Payments Source

FEBRUARY 2, 2021

The central bank aims to roll out FedNow sometime in 2023, which is more optimistic than its previous timetable. The official leading the project noted progress in developing the infrastructure and its compatibility with private-sector solutions.

Real Time Payments 67

Real Time Payments FedNow Fed Central Bank 67

PYMNTS

AUGUST 7, 2020

For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific. 6) symposium highlighting the Fed’s approval of the FedNow system, Fed Gov. Lael Brainard said the coronavirus crisis has heightened the need for instant payments. In a Thursday (Aug.

Fed 75

Fed Instant Payments FedNow Interbank Settlement 75

PYMNTS

NOVEMBER 7, 2016

Federal Reserve is turning heads for its attention to faster payments, but the Fed has recently announced yet another initiative in the payments innovation space. Last week, the Fed’s Secure Payments Task Force called for comment from industry stakeholders about what challenges they face when it comes to payments security.

Fed 77

Fed Secure Payments Task Force Security Federal Reserve 77

Payments Source

APRIL 10, 2019

The Fed should continue to play a key role in the new payments system, rather than leaving it in the hands of the country’s largest banks, Thomas Hoenig and Bruce Summers argue.

Real Time Payments 65

Real Time Payments Fed Risk Payments 65

Payments Source

APRIL 18, 2019

Arguments that the central bank should develop its own system for faster payments ignore current market realities, says The Clearing House, which has developed its own network.

Real Time Payments 68

Real Time Payments Fed Faster Payments Central Bank 68

Payments Source

MAY 9, 2018

the initial fear in the security and payment industries was that fraud would migrate to e-commerce. 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.,

Real Time Payments 69

Real Time Payments Chip Cards EMV Fed 69

Payments Source

AUGUST 15, 2019

Kenneth Montgomery, a top executive at the Federal Reserve Bank of Boston, will head the push to make faster payments available across the industry in the next four to five years.

Real Time Payments 62

Real Time Payments Federal Reserve Fed Faster Payments 62

Payments Source

OCTOBER 19, 2017

The Federal Reserve Board governor sketched out a future in which U.S. banks remain at the center of commercial transactions.

Real Time Payments 63

Real Time Payments Federal Reserve Fed Transactions 63

PYMNTS

NOVEMBER 8, 2019

Federal Trade Commission (FTC) Commissioner Rohit Chopra wrote a letter to the Federal Reserve saying projects like Libra (Facebook’s proposed cryptocurrency ) illustrate the need for the bank to develop a real-time payments service, according to reports. Chopra also took the time to criticize Libra. economy?”

Real Time Payments 40

Real Time Payments FTC Fed Federal Reserve 40