Board of Governors of the Federal Reserve System
"The Federal Reserve Board on Friday announced pricing, effective January 2, 2024, for payment services the Federal Reserve Banks provide to banks and credit unions...The Reserve Banks will maintain the previous year's fee schedule for the FedNow® Service, inclusive of discounts."
Reuters
"U.S. total household debt levels rose in the third quarter amid strong growth in credit card borrowings fueled by a hot economy, although there were mounting signs some borrowers are facing increased challenges managing the money they've borrowed, a report from the Federal Reserve Bank of New York released on Tuesday said."
Blockworks
"The Federal Reserve is not any closer to making a decision on a central bank digital currency (CBDC), the Fed’s Michael Barr said in a speech on Friday. The Vice Chair for Supervision added that — as companies and central banks continue to mull stablecoins and CBDCs — “we must carefully weigh the benefits and risks of different uses of these new technologies.”"
Digital Transactions
"The Federal Reserve Board’s proposal Wednesday to make a 31% reduction in the main component of its debit card interchange ceiling for large issuers touches on a longstanding sore point among merchants and has already sparked a spirited debate in the payments industry."
Board of Governors of the Federal Reserve System
"The Federal Reserve Board on Wednesday requested comment on a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. The proposal would also establish a regular process for updating the maximum amount every other year going forward....The comment period will close 90 days after the proposal is published in the Federal Register."
Investing.com
"Federal Reserve Governor Michelle Bowman voiced concerns over the potential risks and tradeoffs of a U.S. central bank digital currency (CBDC) and stablecoins in a Harvard Law School event on Tuesday."
FedPayments Improvement
"The Federal Reserve’s longstanding commitment to combat fraud and build awareness includes providing education on fraud trends and improving the security of all payments. One form of payment in particular – checks – is seeing a sizable increase in fraudulent appeal."
NPR
"Sending money from one bank to another just down the street can take longer than sending a package across the country. The Federal Reserve is trying to change that with a faster way to send money."
BAI
"The launch of FedNow has brought high-dollar, real-time payments to the financial marketplace...The chatter of bad actors has lit up the dark web with schemes to exploit instant access to high-dollar transactions."
Bank Info Security
"The launch of the Federal Reserve's FedNow payment rail in July made a big media splash, but only 57 financial institutions and service providers signed on to the real-time payments program. By Sept. 1, only 90 had joined, leaving observers wondering how long it will take to convince 10,000 financial institutions to join."
Businesswire
"The Federal Reserve announced today that the FedNow Service has experienced strong growth following its launch in July, with 108 institutions now sending and receiving on the network."
TechCrunch
"A few lines buried in the legal terms for the FedNow service, which is now live, create an important opportunity for digital wallet and payment app providers... These provisions allow nonbank providers access to FedNow under a remarkably open approach, with only a few requirements imposed on their relationships with customers and a back-end bank."
Businesswire
"The Federal Reserve today released market practices to advance standardized implementation of the request for payment (RFP) feature of instant payments."
ABA Banking Journal
"Ken Montgomery is Program Executive for the FedNow® Service, an instant payments service that the Federal Reserve launched in July."
Federal Reserve Bank of Boston
"The check is fading away as a consumer payment method – the number of checks collected by the Federal Reserve annually has plummeted 82% over the last 30 years. So why is check fraud suddenly rampant?"
Federal Reserve Bank of Philadelphia
"In January 2022, the Consumer Finance Institute (CFI) at the Federal Reserve Bank of Philadelphia, in conjunction with economists from the Federal Reserve Board, conducted a survey to establish a baseline understanding of the penetration that cryptocurrencies have achieved among consumers."
Bitcoin News
"Bank of America has provided its analysis of Paypal’s U.S. dollar stablecoin and the Fednow payments system."
Atlanta Fed
"From around the world, we have more evidence that people are shifting from checks to other means of noncash payments. Using data from the Bank for International Settlements (BIS), my Atlanta Fed colleagues Antar Diallo and Oz Shy found that from 2012 to 2021, in all 20 countries they examined, the number of checks declined as the number of cashless payments increased."
FRB Services
"Today, the United States cash supply chain is largely a paper-based operation, reliant on manual data entry. Watch the video below on the Federal Reserve’s E-Manifest Service, which electronically processes currency deposits and orders between financial institutions and armored carriers that work directly with the Federal Reserve."
CoinGeek
"The U.S. Federal Reserve, the central bank of the United States and the country’s chief banking sector regulator, has issued an announcement warning any state banks dealing with digital asset “Dollar Tokens,” or stablecoins, to obtain a written “supervisory nonobjection” from the Federal Reserve (Fed) before issuing, holding or transacting in them."
Federal Reserve Bank Philadelphia
"Economist Daniel Sanches has been researching digital currency and the market effects of central bank digital currency on countries currently exploring this possibility. In this Q&A, he shares key research insights and points to our new Digital Currency Center."
Board of Governors of the Federal Reserve System
"The Federal Reserve Board on Tuesday provided additional information on its program to supervise novel activities in the banks it oversees. Novel activities include complex, technology-driven partnerships with non-banks to provide banking services to customers; and activities that involve crypto-assets and distributed ledger or "blockchain" technology."
New York Fed
"The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows a slight uptick in total household debt in the second quarter of 2023, increasing by $16 billion (0.1%) to $17.06 trillion."
SPS Global
"The launch of FedNow, an around-the-clock real-time payment network, came with liquidity management safeguards designed to help depositories protect against large, instant outflows that have the potential to exacerbate trouble at an institution that is facing stress."
Plaid
"We are excited to announce plans to support the FedNow Service®, another important milestone as we move toward mainstream use of instant, native bank payments in the U.S. Moving money faster matters - whether it's a cash advance, payroll to cover necessary expenses or an emergency withdrawal, and is a step towards our mission of unlocking financial freedom for everyone."
Forbes
"After a decade of study and development, the Federal Reserve today finally launched FedNow, a system that could eventually mean businesses and consumers have near instant access to payments (including paychecks) and money moved between financial accounts."
Board of Governors of the Federal Reserve System
"The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year."
Atlanta Fed
"We examine how instant payments are an essential component of increasing financial inclusion. We explore how the Federal Reserve System, together with the private and public sector, is encouraging widespread adoption of instant payments because of their potential to help improve financial inclusion across a broad range of demographics and circumstances."
Ledger Insights
"Last week the Regulated Liability Network (RLN) shared the results of a DLT proof of concept for payments with the Federal Reserve Bank of New York and ten institutions including BNY Mellon, Citi, HSBC, Mastercard and Swift. SETL was one of the main technology providers to the project alongside Digital Asset and is spinning out the SETL RLN Protocol software as a standalone project and company, LedgerSwarm, which will be separately funded."
Reuters
"Cleveland Federal Reserve President Loretta Mester said on Wednesday that the U.S. central bank's new real-time money moving system is being designed in a way that should help ensure financial stability should bank stress arise."
