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December 6, 2024
On the web
Consumer Credit Cards Show Few Signs of Financial Stress
Kansas City Fed
"The Federal Reserve began tightening monetary policy in March 2022 to combat higher inflation. This tightening, in turn, increased borrowing costs for a wide range of consumer financial products such as auto loans, mortgages, and credit cards. Higher borrowing costs can dampen demand as households use more disposable income to service interest expenses, which, in turn, can cool inflation."
December 4, 2024
Top Post
Announcing 2025 Federal Reserve Financial Services Fees and Payment System Enhancements
FRB Services
"Federal Reserve Financial Services’ (FRFS) plan for 2025 reflects our continued strategic focus of providing secure, best-in-class payment services that are the bedrock of our nation’s economy, benefiting businesses and individuals alike. FRFS customers can expect the following product and service enhancements..."
November 22, 2024
Top Post
2025 Fednow® Service Pricing, Quarterly Volume Data Now Available
fednow
Federal Reserve Financial Services (FRFS) recently announced pricing information for the FedNow Service in 2025. Notably, pricing and fees will remain unchanged year over year, with one modification to exclude charges for transactions made within the same financial institution.. Last quarter, more than 336,000 transactions were settled on the FedNow Service, with consumers and businesses sending an average of $190 million through the service per day.
On the web
New Fed Payments Study Details Card Use in the US
Atlanta Fed
"The Federal Reserve released new information about card payments and alternative payment methods by consumers and businesses in the United States. Specifically, the latest Federal Reserve Payments Study looks at general-purpose (GP) credit, non-prepaid debit, and prepaid debit card use."
November 19, 2024
On the web
When Synthetic Identities and Artificial Intelligence Collide
FedPayments Improvement
"Depending on what you read and who you speak with, generative artificial intelligence (Gen AI) is either a big problem or the solution to a multitude of challenges. It can be both in the case of synthetic identity fraud, as explained in a new downloadable resource of the Federal Reserve’s online Synthetic Identity Fraud Mitigation Toolkit."
November 15, 2024
On the web
Combating Authorized Push Payment Scams in Fast Payment Systems
Kansas City Fed
"Fast payments can help consumers improve their cash flow, but the speed and irrevocability of these payments also make them a target for fraudsters seeking to commit authorized push payment (APP) scams. Combating APP scams is critical to ensuring the safety of fast payments and building and maintaining consumer confidence in fast payment systems."
Instant Payments Seen as a ‘Necessary Revolution’ for Real Estate Transactions
Federal Reserve
"As the FedNow® Service network grows, the Innovation Spotlight series explores use cases that are changing the way businesses and consumers make payments. This article covers the benefits of instant real estate transactions, with insights from paymints.io (Off-site), a fintech that provides a digital payments platform for title companies and real estate brokers."
November 13, 2024
On the web
Federal Reserve Financial Services' New FedDetect® Offering Tackles Commercial Check Fraud
Business Wire
"Federal Reserve Financial Services announced the expansion of FedDetect Duplicate Notification for Check Services to include commercial checks, alongside its existing Treasury check notification service. Financial institutions can now see deposit information and images of potential duplicate items for commercial checks, supplementing their existing check fraud mitigation tools."
November 4, 2024
On the web
Cutting Through the Complexities of Cross-Border Payments
Atlanta Fed
"While the world may be getting smaller, the challenges of sending payments across national borders are not. Inconsistent handling of the various national faster payment services and requirements, both to prevent crime and to protect personal privacy, are among the factors making cross-border payments cumbersome and complex."
October 30, 2024
On the web
Security, Adaptability and Innovation: 2024 Chicago Payments Symposium
FedPayments Improvement
"This year’s Chicago Payments Symposium focused on three key industry themes – innovation, security and adaptability – based on current and evolving trends in innovation, instant payments, global payments, digital currencies, security and information sharing."
October 29, 2024
On the web
What Does It Mean to Be Underserved in Digital Payments?
Atlanta Fed
"It's common to think about the importance of cash at the onset of weather emergencies like Hurricanes Helene and Milton. At the same time, people who are evacuating in anticipation of natural disasters or working to repair homes and neighborhoods in the aftermath also need digital access, as reinforced by the Atlanta Fed's Katrina's Classroom curriculum."
October 22, 2024
On the web
Payments Landscape Series: Frictions in B2B Payments
FedPayments Improvement
"Enhancing business payment efficiency and promoting electronic payment adoption are two ongoing priorities within the payment system. While industry stakeholders have been working to help ease frictions in B2B payments, underlying challenges need to be addressed before most businesses can fully adopt electronic payments."
October 9, 2024
Top Post
FedNow® Service Achieves New Participation Milestone: 1,000-Plus Financial Institutions
FedNow
"The FedNow Service has hit a new milestone shortly after reaching its one-year anniversary — there are now more than 1,000 financial institutions, headquartered in all 50 states, participating on the service. Small and midsize financial institutions, including community banks and credit unions, make up more than 95% of the participants on the FedNow Service network."
October 7, 2024
On the web
Are You Ready for Open Banking and the Proposed CFPB Rule?
Atlanta Fed
"Consumer financial data is the foundation of payments, investments, and loans that, when used safely, can support a well-functioning and inclusive economy. Think of open banking as permissioned access to personal financial data. Consumers can authorize third parties to retrieve their information to transform it into useful services."
September 23, 2024
On the web
Addressing Authorized Push Payment Scams in the US
Atlanta Fed
"Authorized push payment (APP) fraud is a growing concern, causing billions of dollars in global losses. Despite the introduction of technologies like two-factor authentication, biometric security, and artificial intelligence, the rise of faster payments has made combating this type of fraud increasingly difficult."
Defining Households That Are Underserved in Digital Payment Services
Kansas City Fed
"...We consider four elements—access, use, safety, and affordability—in our definition of households underserved in digital payments."
September 17, 2024
On the web
Collaborating Across the Payments Supply Chain to Fight APP Fraud
Federal Reserve Bank of Atlanta
"Financial institutions are not required to bear the cost of authorized push payment (APP) fraud. When a person is tricked into making a payment to a criminal enterprise, the fraud loss is the consumer's responsibility under Regulation E of the Electronic Funds Transfer."
September 3, 2024
On the web
Diary of Consumer Payment Choice Reveals Increased Payments, Stable Demand for Cash
FRB Services
"In May, Federal Reserve Financial Services’ FedCash® Services released the 2024 Findings from the Diary of Consumer Payment Choice. Based on a nationally representative survey of U.S. consumers in 2023, the report shows an overall increase in the number of payments compared to previous years, as well as stable cash usage."
August 26, 2024
On the web
Pay by Bank: An Alternative and Easy Way to Make Payments
Atlanta Fed
"In the fast-paced world of digital finance, new innovations are constantly changing how we manage our money. One development is pay by bank, a payment method that allows consumers to make payments directly from their bank accounts—without using a debit or credit card."
August 23, 2024
Top Post
Instant Payment Use Cases: Real Estate Transactions
FedNow
"This resource describes the benefits of using instant payments via the FedNow® Service for real estate transactions, highlights use cases and opportunities that show promise, and outlines next steps for real estate industry professionals, payment service providers and enablers, and financial institutions."
August 19, 2024
Top Post
A Look at PCI Compliance and the New Data Security Standards
Atlanta Fed
"PCI DSS combines technical and operational requirements to protect payment account data and the greater payment ecosystem. Categories include network security, vulnerability management, access controls, monitoring, and security policies. The version 4.0 update included more than 50 enhancements, with some compliance deadlines stretching into 2025."
August 14, 2024
On the web
Mobile Payments and the Exuberance of Youth
Atlanta Fed
As of October 2023, 70 percent of US consumers made a mobile payment at least once in the 12 months prior. Consumers young and old are increasingly comfortable using their phones to make payments.
August 6, 2024
On the web
Third-Party Risk: Focus on Cyber
Atlanta Fed
"My colleague Jessica Washington recently blogged about the four-corner payments model as a useful framework for understanding the responsible parties in the payments system. The model shows the minimum number of parties required to conduct clearing and settlement."
August 1, 2024
Top Post
Fednow® Service Ends First Year With 900+ Participants
The Federal Reserve
"One year after its launch, the FedNow Service has surpassed 900 participating financial institutions — up from 35 that were live on the first day."
July 30, 2024
On the web
Fintech's Chains of Relationships and Interlocking Accountability
Atlanta Fed
"I'm guessing that you, like me, have been riveted by news stories about the Synapse bankruptcy. Synapse makes middleware that facilitates the connection between fintechs and financial institutions, enabling fintechs to assert the availability of pass-through Federal Deposit Insurance Corporation insurance for customer accounts and debit cards."
July 16, 2024
On the web
Earned Wage Access: An Ambiguous Concept
Atlanta Fed
"As my colleague Lali Shaffer pointed out last month, most of us like getting paid ASAP. For households living paycheck-to-paycheck, waiting to get paid can create problems: Fees for late bills. Deferred medical care. Utility shutoffs. And of course, expedited access to earnings can be helpful for everyone, whatever their financial situation."
July 9, 2024
On the web
After More Than a Decade, Merchant Steering with Discounts Remains Rare
Atlanta Fed
"Some retailers use discounts to encourage consumers to choose a particular payment instrument over others. For example, gas stations might offer a discount for paying with cash. Lately, as consumers worry about inflation and their household budgets, you might be seeing more discount offers."
June 24, 2024
On the web
After More Than a Decade, Merchant Steering with Discounts Remains Rare
Atlanta Fed
"Merchants have been able to offer discounts since 2012, when proposed legal settlements made it possible for them to do so. Another settlement between merchants and card networks, proposed this spring, would permit merchants to use discounts to distinguish among different types of a network's cards. (The settlements also encompass surcharging practices.)"
June 21, 2024
On the web
Federal Reserve Board Announces It Will Extend Until September 6, 2024, the Comment Period on Proposal to Expand Operating Days of the Federal Reserve Banks’ Two Large-Value Payments Services, Fedwire Funds Service and the National Settlement Service
Board of Governors of the Federal Reserve System
"The Federal Reserve Board announced that it will extend until September 6, 2024, the comment period on its proposal to expand the operating days of the Federal Reserve Banks' two large-value payments services, Fedwire® Funds Service and the National Settlement Service (NSS), to include weekends and holidays."
June 14, 2024
Top Post
Federal Reserve: Stomp out Scams with the ScamClassifier Model
FedPayments Improvement
"The payments industry now has a new tool to improve scam reporting, detection and mitigation. Released in summer 2024, the ScamClassifierSM model supports consistent and detailed classification, reporting, analysis and identification of scams, attempted scams and related trends."
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