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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."

September 17, 2024

On the web

September 3, 2024

On the web

August 26, 2024

On the web

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

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

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

Top Post

May 15, 2024

On the web

May 14, 2024

Top Post

On the web

Agencies Announce Public Meeting on Proposed Acquisition by Capital One of Discover; Public Comment Period Extended

Board of Governors of the Federal Reserve System

"The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by Capital One Financial Corporation, of McLean, Virginia, to acquire Discover Financial Services, of Riverwoods, Illinois...The purpose of the public meeting is to collect information from a wide range of stakeholders as the agencies evaluate the applications."

Agencies Announce Inflation-Adjusted Dollar Thresholds for Regulation CC Funds Availability

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau and the Federal Reserve Board jointly adjusted for inflation dollar amounts relating to the availability of customer funds. These changes in Regulation CC include the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain check deposits as well as the amount of funds deposited by certain checks in a new account that are subject to next-day availability.

May 10, 2024

On the web

May 8, 2024

On the wires

Federal Reserve Surveys: U.S. Businesses, Consumers Increasingly Adopt Faster and Instant Payment Services

Business Wire

"U.S. businesses and consumers are rapidly adopting digital, faster and instant payment services, according to studies released today by Federal Reserve Financial Services. Digital wallet use saw especially strong growth in 2023 — efficiency-focused businesses increased their use by 31% over the prior year, and convenience-minded consumers experienced a 32% increase."

May 3, 2024

Top Post

Federal Reserve Board Requests Comment on Proposal to Expand the Operating Days of the Federal Reserve Banks’ Two Large-Value Payments Services, Fedwire Funds Service and the National Settlement Service, to Include Weekends and Holidays

Board of Governors of the Federal Reserve System

"The Federal Reserve Board on Friday requested comment on a proposal to expand the operating days of the Federal Reserve Banks' two large-value payments services to include weekends and holidays, so that they would operate every day of the year."

April 29, 2024

On the web

April 15, 2024

Top Post

Has Your Board Discussed Your Wire-Transfer Strategy?

Atlanta Fed

"On June 27, 2022, the Board of Governors of the Federal Reserve System announced that the Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025...Preparing a financial institution's wire systems for ISO 20022 calls for an inventory and upgrade of the systems that support wire operations. These systems include..."

April 12, 2024

Top Post

Financial Stability Implications of CBDC

Federal Reserve

"A Central Bank Digital Currency (CBDC) is a form of digital money that is denominated in the national unit of account and constitutes a direct liability of the central bank. We examine the financial stability risks and benefits of issuing a CBDC under different design options."

March 14, 2024

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