FedPayments Improvement Pulse – July, 2018

A monthly newsletter for the FedPayments Improvement Community

July’s Highlights

Register for the FedPayments Improvement Community Forum

Join us for the Forum in downtown Chicago at the JW Marriott on October 3 – 4. Don’t miss this opportunity to collaborate and provide feedback on the latest payment system improvement initiatives!
REGSITER NOW (Off-site)

ISO® 20022 Fedwire® Funds Service Implementation Commentary Period

On July 5, 2018, the Federal Reserve Board published a request for comment to seek industry feedback about the ISO 20022 implementation scope, approach and timing for the Fedwire Funds Service. The comment period will last until September 2, 2018. For more detailed information review the Federal Reserve Board’s announcement about the ISO 20022 request for comment and the Federal Register Notice (Off-site).
LEARN MORE (Off-site)

Recent Payment Improvement Announcements

An Industry View of Secure Payments Resources

If you’re a business leader, product developer, risk manager or consumer advocate – or work for a financial institution, merchant or other payments stakeholder – you’re among the many people who can find value in two online secure payments resources. Learn more by listening to our webinar (Off-site).

Check Out the Small Business Payments Tool Kit

Calling all small businesses and their advisors! The Small Business Payments Toolkit can help you learn what you need to know about payments and fighting fraud. The toolkit provides information on how to get started sending and receiving electronic payments, offers tips on working with bankers to improve payments processes, and provides practical guidance on fraud prevention and mitigation. Download it now!

The U.S. Path to Faster Payments – 1 Year Anniversary

This July marks the anniversary of The U.S. Path to Faster Payments, the Faster Payments Task Force final report. The report outlines possible approaches to achieving a faster and more efficient payment system by 2020. Current Federal Reserve and industry work efforts towards faster payments solutions, including the Governance Framework Formation Team, are a direct response to the recommendations put forth in this report. Visit FasterPaymentsTaskForce.org (Off-site) to download and read it now!

Your Voice Matters – Stay Engaged

Opportunity for Financial Institutions to Prepare for a Cyber- Attack

The (Off-site) Financial Services Information Sharing and Analysis Center (FS-ISAC) is hosting its Cyber-Attack Against Payment Systems (CAPS) exercise this year, and we encourage FS-ISAC members and regulated financial institutions to consider participating. Pervasive vulnerabilities and cyber-attacks are a serious source of risk for today’s financial enterprise, and this two-day table top exercise is a great way to practice and test your cybersecurity procedures. The CAPS exercise will take place October 9-10 and October 16 – 17; more information, including the link to register, can be found on the FS-ISAC website (Off-site).

Update your FedPayments Improvement Community Profile

To help us better engage with you, we ask that you take a minute to tell us about your industry segment, role and which payment system improvement topics are of interest to you. Visit the self-service portal (Off-site) today!

Meet with Federal Reserve Experts at Upcoming Industry Events

Payments Ed Forum: Aug. 6-8 (Off-site)
What is the Future of the U.S. Payment System?
Strategies to Advance U.S. Payment Safety, Resiliency, and Security

Mobile Payments Conference: Aug. 22-24 (Off-site)
Mobile Payment Fraud: Picking Your Pocket in the 21st Century
Real Time Payment/Faster Payment

Symitar Annual Conference: Aug. 27-30 (Off-site)

Solutions Payments Conference: Sept. 19-20

Visit our industry events page to learn more and reserve time to speak with Federal Reserve experts.

In The News

PaymentsSource.com – July 2, 2018

How digital commerce heightens risk of phone fraud (Off-site)

Finextra.com – July 10, 2018

Faster Payments outage delays thousands of transactions (Off-site) (UK)

Visit our industry articles page to see more.