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Federal Reserve releases market practices for RFPs

The Paypers

Federal Reserve has released market practices to advance standardised implementation of the request for payment (RFP) feature of instant payments.

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The Clearing House On The Race for Real-Time Payments In The US

PYMNTS

But it might not be the Federal Reserve ’s doing. You’d be forgiven for thinking that faster payments might be the purview of the U.S. Federal Reserve, where details (a roadmap, really) of FedNow , the proposed instant payment system, were released earlier this month.

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Modern Treasury Drives Growth of Instant Payments with Leading Banks

Fintech Finance

Instant payments, powered by the first new payment rails in the U.S. in more than four decades, enable businesses to move money faster and gain real-time insights into money movement as they track payments from initiation to receipt.

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Citizens Bank’s Corporate Real-Time Payments Play

PYMNTS

The rail was built on the ISO 20022 messaging standard, which sends data and payments together. The ability to send a request for payment via RTP can help smooth reconciliation, he noted. . Leveraging requests for payment could really help in those situations.” . Federal Reserve Proposals.

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P2P Payments Set The Stage For B2B RTP

PYMNTS

It’s a well-known fact, too, that corporate payments (the B2B kind) are ripe for digitization, and for a wholesale move away from the paper chase, where checks are still stubbornly tied to 50 percent of corporate transactions. where, for example, the Federal Reserve is mulling the development of its own real-time system. (

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Real-Time Payments Go Beyond The Need For Speed

PYMNTS

The conversation came across a backdrop of more than 50 real-time payment systems currently live around the world, although largely domestic and regional in nature. But the Federal Reserve has its own horse in the race, called FedNow , which is on the horizon. Awareness of those differences is key. The Rails Themselves .

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FPC Draws Member Input with Town Halls on FedNowSM

Faster Payments Council

We were thrilled to have upwards of 100 of our members on the line to hear directly from Kirstin Wells, principal economist at the Federal Reserve Board. Hosted by the FPC's Education and Awareness Work Group, this Town Hall offered an opportunity for direct engagement with the Fed, including a robust Q&A session.

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