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."
New York Fed
"The Federal Reserve Bank of New York's New York Innovation Center (NYIC), in collaboration with members of the U.S. financial services sector, published the findings of a proof of concept (PoC) that explored the feasibility of an interoperable network for wholesale payments operating on a shared multi-entity distributed ledger."
Federal Reserve
"On June 29, 2023, the Federal Reserve announced that 57 early adopter organizations, including financial institutions and service providers, had completed formal testing and certification on the FedNow Service in advance of its launch in late July. Many of these organizations will be live when the FedNow Service launches or shortly after, with financial institutions ready to send and receive transactions and service providers ready to support transaction activity."
Federal Reserve Bank of Atlanta
"Today, the numbers can do the talking about noncash payments in 2021. The chart below shows the value of noncash payments from the first measurement year of the Federal Reserve Payments Study, 2000, to the latest, 2021."
Resourceful Finance Pro
"Compared to the rest of the world, the U.S. has lagged behind in rapid B2B payments technology, but that’s about to change. The Federal Reserve’s FedNow service is coming soon!"
Federal Reserve
"To promote transparency, the Federal Reserve Board on Friday published a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services. The database is consistent with the requirements set forth in legislation enacted last year and will be updated on a quarterly basis."
FedPayments Improvement
"The Business Payments Coalition (BPC) and Federal Reserve Financial Services have been working to improve the efficiency of how supporting information for business-to-business (B2B) payments is delivered and processed."
Board of Governors of the Federal Reserve System
"Federal bank regulatory agencies today issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies."
TronWeekly
"The Atlanta branch of the United States Federal Reserve Bank recently brought focus to Ripple’s operational framework and its utilization of XRP to fulfill requirements for cross-border settlements. As per the Reserve Bank, XRP is regarded as a “global payment medium.”"
Business Wire
"Facing a dynamic and increasingly on-demand, online environment, a majority of businesses (83%) and consumers (75%) are already using faster payments, and most (66% of businesses and 61% of consumers) say they are likely to use faster payments more often in the future, according to new studies released today by the Federal Reserve."
New York Fed
"The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) today published a research report detailing the results of the joint Project Cedar Phase II x Ubin+ (Cedar x Ubin+) experiment. The Cedar x Ubin+ experiment examined whether distributed ledger technology (DLT) could be used to improve the efficiency of cross-border wholesale payments and settlements involving multiple currencies."
FedNow
"Watch an example of how financial institutions can enable their customers to access instant payments through the FedNow Service. In this video, you’ll see a business customer immediately pay a supplier using their financial institution’s online interface. You’ll also get a look at what’s happening between the sender’s and receiver’s financial institutions when a payment is made over the service."
FedNowSM
"The FedNow Service is an interbank, 24x7x365 real-time gross settlement service with integrated clearing functionality. This resource, designed to help financial institutions make decisions about adopting the service, provides an overview of the technical aspects of the service and related considerations."
Board of Governors of the Federal Reserve System
"The Federal Reserve Board on Friday announced the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Michael S. Barr. The review finds four key takeaways on the causes of the bank's failure..."
Federal Reserve Bank of Atlanta
"Late last week, the Federal Reserve Payments Study
(FRPS) announced unprecedented growth in the dollar value of ACH (automated clearing house) payments from 2018 to 2021: 12.7 percent per year. This is the highest rate of growth by value for ACH over all the years for the FRPS."
Federal Reserve
"The 2022 Federal Reserve Payments Study (FRPS) collected data for the 2021 calendar year. This initial release includes top-line figures for the core noncash payment methods used in the United States by consumers, businesses, and governments, including payments by general-purpose and private-label cards, automated clearinghouse (ACH) transfers, and checks. This release also covers automated teller machine (ATM) cash withdrawals. Wire transfers, used primarily for large financial transactions, are excluded from these data."
Federal Reserve Bank of Atlanta
"Over the past three years, the rate of first-party fraud, also called friendly fraud, in the United States has risen dramatically, especially with online transactions. Unscrupulous cardholders are leveraging the favorable cardholder dispute resolution rules to get their goods or services for free. One vendor specializing in helping merchants with card disputes claims that at least 60 percent of all chargebacks stem from first-party fraud. The major growth in the overall share of online purchases has made investigations of claims more difficult, but the industry is working on ways to battle these fraudulent chargebacks."
Tearsheet
"The Federal Reserve’s long-awaited digital payments system, FedNow, will be deployed in phases, with the initial launch planned for July 2023. FedNow is the first government-created system in the US for financial institutions to send and receive funds in near real-time online, with the primary goals of providing immediate access to funds and offering real-time and accurate views of account balances. FedNow promises to enable smoother operations by ensuring instant payment capabilities without any delays of a few business days, or during holidays or weekends. In addition to money transfers, the system will allow bill payments and other consumer activities to move more rapidly -- decreasing transfer time from several days to just a few seconds -- and at a lower cost."
Federal Reserve Bank of Atlanta
"The Retail Payments Risk Forum team has been writing a lot about ransomware in Take on Payments since 2018, when criminals shifted their targets from consumers with small ransom payouts to large government entities, educational institutions, and healthcare industries with their deeper pockets. Some of the initial victims in the United States were the cities of Atlanta and Baltimore and Florida's Monroe County School District. As with consumer attacks, criminals get to the bigger targets primarily by using phishing or smishing messages to obtain account credentials. They then exploit known software security gaps and make brute force attacks."
Board of Governors of the Federal Reserve System
"The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch. The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system."
FedNow
"The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch. The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system."