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August 8, 2023

On the web

August 4, 2023

On the web

July 27, 2023

On the web

Get Access to the FedNow Service Via Plaid Transfer

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."

July 21, 2023

Top Post

July 20, 2023

On the web

July 14, 2023

On the web

July 13, 2023

On the web

Technology Used in Fed Reserve DLT Trial is Spun Out as LedgerSwarm

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."

July 6, 2023

On the web

Research Study Examines Feasibility of Theoretical Payments System Designed to Facilitate and Settle Digital Asset Transactions

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."

June 29, 2023

Top Post

Announcing Organizations Certified as Ready for the FedNow® Service

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."

June 26, 2023

On the web

June 19, 2023

On the web

Federal Reserve Board Publishes a Database of Financial Institutions with Access to, or Requests to Access, Federal Reserve Bank Master Accounts and Services

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."

June 13, 2023

On the web

June 9, 2023

On the web

May 26, 2023

On the web

On the wires

May 19, 2023

On the web

New York Fed and Monetary Authority of Singapore Publish Results of Joint Wholesale Cross-Border Payments Research Study

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."

May 12, 2023

On the web

FedNowSM Service Illustration Video

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."

May 4, 2023

On the web

April 28, 2023

On the web

April 24, 2023

On the web

April 21, 2023

On the web

The Federal Reserve Payments Study: 2022 Triennial Initial Data Release

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."

April 6, 2023

On the web

Fighting First-Party Fraud

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."

The Fed is Restructuring the US Payments Ecosystem with the FedNow Service – What FIs Need to Know

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."

March 20, 2023

On the web

The Ransomware Battleground in 2022

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."

March 16, 2023

On the web

Federal Reserve Announces July Launch for the FedNow Service

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."

March 15, 2023

On the web

The Federal Reserve Announces July Launch for the FedNowSM Service

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."

Tassat Blockchain to Join FedNow Service with B2B On-Ramp as Pilot Prepares for Launch

Cointelegraph

Blockchain operator Tassat announced on March 14 that it would provide access to the United States Federal Reserve’s FedNow payment system. FedNow, which will launch as a pilot project later this year, will provide real-time, round-the-clock payment service. Tassat will serve as a business-to-business on-ramp for FedNow through a client-facing application programming interface, CEO Kevin Greene told Cointelegraph. Both the company’s interbank and intrabank services will provide FedNow access. The FedNow pilot is expected to begin in June or July with a small number of banks.

January 30, 2023

On the web

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