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 Real Time Payments 85

PYMNTS

MARCH 18, 2019

Connecting these two dots suggests a few important things that, for banks and card networks, might be the 2020 hindsight that could have come in handy had they stopped to look backwards a few years ago: That the Fed has much more than a passing interest in how faster payments are run in the U.S. This delay was initiated by the Fed.

Faster Payments 80

Faster Payments Fed RTP Same Day ACH 80

PYMNTS

AUGUST 21, 2020

And there’ll be quite a bit of tinkering with the technology (especially the infrastructure) and the use cases to get there. The focus on wholesale payments may bring various retail use cases to reality — including stimulus and disbursement of government payments. Digital dollars are a maybe – but if so, not for a while.

CBDC 107

CBDC Fed Federal Reserve ISO 20022 107

Fintech Finance

APRIL 12, 2024

As part of the phased testing and certification process (Depository Institution Testing, or DIT2) Finzly submitted 40 use cases to the Federal Reserve Financial Services, each of which met or exceeded the stringent certification criteria, reaffirming Finzly’s commitment to excellence and technological advancement.

ISO 20022 78

ISO 20022 FedWire ISOs Fed 78

PYMNTS

DECEMBER 18, 2020

As reported by Reuters , the Sand Dollar – a new digital currency issued and backed by the Bahamian central bank – is now in circulation, and bit by bit, has been making inroads into retail use cases. Central Banks Around the World Eye CBDCs.

Digital Currency 142

Digital Currency Central Bank CBDC Fed 142

PYMNTS

JUNE 23, 2020

According to the announcement, the Bank of Thailand is planning to use central bank digital currency (CBDC) to support funds transfer, with an eye on accelerating supplier payments as an early use-case of the payment system.

Federal Reserve 106

Federal Reserve RTP Payment APIs and Integration Fed 106

PYMNTS

AUGUST 10, 2020

Waiting for the Fed — and its promise of interoperability, which requires participation from the private sector — is akin to playing the (very) long game. Expanding The Use Cases. Waterhouse said that getting banks to sign on is about showing them the relevant use cases that will drive revenue and even new customer acquisition.

Real Time Payments 138

Real Time Payments RTP TCH Federal Reserve 138

PYMNTS

OCTOBER 12, 2020

As reported in August, the Fed had announced some additional details of the 24/7 year-round interbank settlement service through a program that began to take shape in 2019, geared toward speeding processing times tied to instant payments (and featuring a clearing function). The Timeframe . Digital Dollars, Too? .

Instant Payments 97

Instant Payments FedNow Fed Interoperability 97

PYMNTS

FEBRUARY 5, 2020

Brainard said the Fed is currently working on its own 24/7 settlements and payments service, and that it is reviewing around 200 letters it has received on the issue. However, they are wrestling with how to manage the technology, including the distributed ledger systems.

Digital Currency 52

Digital Currency Fed Federal Reserve CBDC 52

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.

Real Time Payments 78

Real Time Payments FedNow TCH Fed 78

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.

Faster Payments 77

Faster Payments Same Day ACH Fed Real Time Payments 77

PYMNTS

SEPTEMBER 15, 2020

The ECB commentary, we contend, solidifies at least some regional approaches to CBDCs, but retail use cases may be gaining favor. Anywhere where you have a cash transaction can be a possible use case,” Cunha told Webster during the interview.

CBDC 91

CBDC Risk Central Bank Digital Currency 91

PYMNTS

NOVEMBER 13, 2017

We admit, the use case for pandas singing hip hop was something we didn’t quite expect, but are happy to see them, nonetheless. PayPal will allow Indian consumers to use the platform to shop online at some of the country’s most popular businesses. The Fed’s New Digital Payments Outlook.

Fed 43

Fed PayPal Federal Reserve Multi-Currency 43

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.”.

Blockchain 108

Blockchain Tax Refunds IRS Fed 108

PYMNTS

OCTOBER 9, 2020

And we’re not talking about the myriad of cryptos that have popped up hither and yon, offered by private companies across what is still a Wild West for issuance (with no real set of security principles, yet) and scattered use cases. Fed, the Swiss National Bank and others. Beyond that, national efforts are piecemeal.

Digital Currency 70

Digital Currency Central Bank CBDC Federal Reserve 70

PYMNTS

JANUARY 22, 2019

Financial Innovation Now (FIN) submitted a public letter in December, contending that the Fed was best-positioned to operate a ubiquitous, interoperable real-time payments network. Innovation, flexibility and agility helped drive WEX ’s acquisition of Discovery Benefits, Inc. DBI) in 2018.

Faster Payments 66

Faster Payments Real Time Payments Ubiquitous Debit Card 66

PYMNTS

MARCH 3, 2020

And it can also (perhaps), fed through models and analytics, can bolster decision-making for the greater, common good. As Caballero said, “we can use the different types of data and can vary our models by mixing all of them.”. The Use Cases. The Commercial Setting.

AI 85

AI Use Case Financial Inclusion Governance 85

PYMNTS

NOVEMBER 25, 2020

Among the potential and evolving use cases: private stablecoins can conceivably be adopted as a means of payment for online purchases, peer-to-peer and micro-payments and a range of potential future. And in terms of use cases, stablecoins that are global in scope can be useful in cross-border payment transactions and in eCommerce.

Stablecoins 92

Stablecoins Regulations Distributed Ledger Technology (DLT) Digital Currency 92

PYMNTS

DECEMBER 24, 2020

Building The (Retail) Use Cases. Part of the enthusiasm from investors comes as use cases have proliferated. But he added that eventual use cases could include stimulus payments and all manner of other transactions. Anywhere where you have a cash transaction can be a possible use case,” Cunha said.

Federal Reserve 103

Federal Reserve Bitcoin Cryptocurrency Office of the Comptroller of the Currency 103

Faster Payments Council

MARCH 15, 2023

Speakers: Elizabeth McQuerry, Glenbrook Partners; Mike Sklow, Goldman Sachs; Samson Rajan; JP Morgan; Miriam Sheril, Form3 1:30pm-2:10pmCT: Panel Session – Business End-Users Mega Use Cases (City Beautiful Ballroom AB) As more capabilities become available for faster payments, business end users are finding creative ways to use the services.

FPC 88

FPC ISO 20022 Cross-Border Payments Federal Reserve 88

Nanonets

MAY 3, 2023

However, it still needs to be fed the right data. If you use Planful, you can also use Predict. The security concern for DataRobot, like most other AI-powered tools, is how the company would handle the privacy of data fed to the machine by users. Find out how Nanonets' use cases can apply to your product.

AI 94

AI Finance Advisors Fed 94

Finovate

MAY 13, 2024

A regulatory authority that is indifferent, or hostile, to new technologies or their application in certain use cases can send a powerful signal that innovators are better off deploying their solutions in other industries or other geographies. Looking at the U.S., I mentioned the Federal Reserve report on climate resiliency earlier.

AI 119

AI Federal Reserve Underwriting Risk 119

PYMNTS

DECEMBER 31, 2018

So, if the promise had nothing underpinning it in terms of easily adoptable real world use cases, then the voting machine had to keep … voting. Fed Scrutiny, Too. Oh, and it never helps to have the Feds peeing into what you are doing, by the way. Until the weighing machine kicked in. but “what took so long?”.

Bitcoin 75

Bitcoin Cryptocurrency Fed Use Case 75

PYMNTS

JULY 24, 2017

This innovator secretly hoped the government would be so enamored with his innovation and its potential to transform commerce (and any number of other uses cases) that they’d want to own and operate it. No one, since without it, new payments schemes struggle, and many use cases are DOA. By stagecoach and on horseback.

Fed 47

Fed Faster Payments Ubiquitous Same Day ACH 47

Faster Payments Council

SEPTEMBER 23, 2023

Few use cases have the potential for growing volumes as do commerce payments yet paying a merchant with a credit push transfer isn't easy. Thise session envisions the art of the possible for commerce use cases in the U.S. (Foundry Ballroom) Payment networks need volume to scale and keep costs low.

FPC 88

FPC Federal Reserve RFP Faster Payments 88

PYMNTS

AUGUST 14, 2020

The Clearing House On The Race for Real-Time Payments In The US. While the proposed FedNow system has a 2023-24 timeframe to implementation, a number of initiatives and use cases are being embraced right here and right now to move the needle on accelerating payments toward real-time ubiquity. arm — and if a TikTok 2.0

Addressing 64

Addressing Verification FedNow Fed 64

PYMNTS

SEPTEMBER 17, 2020

In an interview with Karen Webster, Jim Cunha, senior vice president, secure payments and FinTech at the Federal Reserve Bank of Boston — discussing joint efforts between the Fed and MIT to explore infrastructure that might underpin digital dollars — said, “Anywhere where you have a cash transaction can be a possible use case.”.

Central Bank 72

Central Bank CBDC Digital Currency Federal Reserve 72

PYMNTS

FEBRUARY 26, 2020

Fed up with disparate standards and poor data plaguing the cross-border payment lifecycle, and in need of a financial standard that would be rich, granular and consistent, the International Organization for Standardization launched a standard for the future: ISO 20022. In 2004, financial institutions around the world had had enough.

ISO 20022 104

ISO 20022 ISOs SWIFT Cross-Border Payments 104

PYMNTS

NOVEMBER 5, 2018

If the trade war and Fed policy interest rates cause panic on the Street, then a few mirror images of regulatory action got traders going in the digital realm. Success hinges on the introduction of new ways to trade and use cryptos, but it seems like those new avenues of adoption are being closed off.

Bitcoin 74

Bitcoin Regulations Cryptocurrency Money Laundering 74

PYMNTS

OCTOBER 2, 2019

The increased use and adoption of P2P technologies, like Zelle and Venmo, demonstrates the consumer demand for this type of frictionless payment option. Settling funds faster, no matter the use case, benefits the entire ecosystem, and takes liquidity risk out of the equation. The Low-Hanging Fruit.

C2B 81

C2B Faster Payments Real Time Payments Lockbox 81

PYMNTS

OCTOBER 9, 2020

Fed, Central Banks Frame Criteria For Digital Currency. She tells PYMNTS that other use cases will likely emerge because P2P is all about three things locked-down that consumers value right now — helping other people, staying connected and interacting meaningfully. million boost. Plus, Affirm files for an IPO.

Digital Currency 56

Digital Currency Central Bank Federal Reserve P2P 56

Wharton Fintech

MAY 2, 2024

It helps us with issuing, but specifically it also helps us to connect to different parts of the ecosystem directly. Shortly after we got the banking license, we got access to a master Fed Account. It hasnt really gone from that particular use case to the pay-in use case, at least not at scale.

Global Payments 130

Global Payments Payments Small Business Use Case 130

PYMNTS

OCTOBER 24, 2018

Among the early users has been Radius Bank , which Socure and Alloy said has used the authentication offering to cut fraud in half and boost new account conversions by 30 percent. A major use case that we are solving for,” he said, “is digital account openings.” Those thousands of data points are fed into predictors.

Online and Mobile Banking 55

Online and Mobile Banking Fed Verification Risk 55

PYMNTS

DECEMBER 18, 2020

The value lies in offering payments anywhere, anytime, across a range of B2C and increasingly B2B use cases. At a high level, PaaS is both strategy and technology, a way for banks to retire legacy systems and digitize payments using the cloud to help manage it all. The Use Cases.

Economy 67

Economy API B2C Payment APIs and Integration 67

PYMNTS

JUNE 7, 2019

To that end, Visa has entered into a new strategic partnership with Western Union to expedite the movement of money globally – and digitally – across a range of use cases. Feds Investigate QuadrigaCX’s $195M Crypto Mystery. MoneyGram Works to Restructure Debt; Could Seek Buyer. million as of the end of September.

FBI 68

FBI Visa Cross-Border Fraud Prevention 68

Finovate

APRIL 4, 2024

Account Galaxy offers two main use cases to facilitate BaaS functionality: advanced payment processing and flexible accounting capabilities. payment rails, including Fed ACH, Fedwire, RTP, SWIFT, and FedNow. These capabilities offer non-banks and fintechs virtual accounts where transactions can be monitored in real-time. .

Accounts 52

Accounts Non-Bank FedWire Payment APIs and Integration 52

PYMNTS

JUNE 18, 2019

The collaborative mindset that comes in tandem with, say, the aforementioned Fed initiative can help fix flaws in existing systems. When asked what other use cases might be considered low-hanging fruit for RTP, she said instant insurance claims payments and retail returns are within the immediate grasp of business payment adoption.

RTP 78

RTP P2P B2B RFP 78