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February 14, 2025

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Iso® 20022 Implementation Rescheduled to July 14, 2025 for the Fedwire® Funds Service

frbservices

"The Federal Reserve Financial Services (FRFS) has worked with the industry to prepare for the implementation of the new ISO 20022 message format for the Fedwire Funds Service. After an assessment of customer readiness, FRFS has decided to reschedule the Fedwire Funds Service ISO 20022 implementation from March 10 to July 14, 2025. The Fedwire Funds Service will remain on the current message format until July 14 and announce its final “go” or “no go” decision for July 14 no later than June 27."

On the web

Did Card-Present Fraud Rates Decline in the United States After the Migration to Chip Cards?

Kansas City Fed

"The U.S. payment industry began migrating to EMV chip-card technology in the mid-2010s to mitigate card-present fraud, especially counterfeit fraud. However, for non-prepaid debit card transactions processed by dual-message networks, the counterfeit fraud rate has not declined, and the lost-or-stolen fraud rate and overall card-present fraud rate have increased. For these transactions, card-present fraud loss rates have declined for issuers but increased for merchants and cardholders."

February 12, 2025

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Powell Squashes the Possibility That the Fed Will Develop Its Own Digital Currency

CNBC

"Federal Reserve Chair Jerome Powell asserted Tuesday that the central bank will not develop its own digital currency as long as he is in charge. Ending several years of speculation whether the Fed would join some of its global counterparts, including China, in developing a formal cryptocurrency like bitcoin or its many peers, Powell said during a Senate hearing that the project would not go forward."

On the web

January 30, 2025

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."

January 15, 2025

On the web

January 14, 2025

On the web

January 7, 2025

On the web

Mobile Wallet Purchases Skyrocket on a Small Base

Atlanta Fed

"Mobile wallets are used to store digital versions of cards on a mobile device, typically a smart phone. The charts show purchases made using mobile wallets have skyrocketed since 2018. Growth in these purchases from 2021 to 2022 exceed that of prior periods—53 percent by number and 45 percent by value."

January 2, 2025

On the web

December 20, 2024

On the web

December 17, 2024

On the web

December 9, 2024

On the web

Contactless Pay: Still Not the Norm

Atlanta Fed

"Do you find yourself mostly tapping to pay, whether by card, phone, or watch? This is a far cry from mid-2020, when a friend of mine was thwarted three times in one day from using contactless pay, as she encountered obstacles at one of the largest retailers in the US and at two of the largest grocery stores."

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

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

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