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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

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November 22, 2024

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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

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

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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."

September 17, 2024

On the web

September 3, 2024

On the web

August 26, 2024

On the web

August 23, 2024

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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

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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

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

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July 30, 2024

On the web

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

June 24, 2024

On the web

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

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