A monthly newsletter for the FedPayments Improvement Community
Learn More about Payments Fraud
The Federal Reserve has published a new Payments Fraud Insights white paper, Synthetic Identity Fraud in the U.S. Payment System. McKinsey estimates that this is the fastest-growing type of financial crime in the United States. Our white paper will tell you how it occurs, causes, contributing factors, and who’s affected (which might include you, your children or parents).
Join 650+ Business Payments Coalition Volunteer Members
The Business Payments Coalition (BPC) (Off-site) is a volunteer group of organizations and individuals working together to promote greater adoption of electronic business-to-business (B2B) payments, remittance data, and invoices. The Coalition’s wide-ranging goal is to make B2B electronic payments more efficient across the end-to-end process, that is, to achieve straight-through-processing across both the procure-to-pay and order-to-cash cycles.
Recent Payments Improvement Announcements
In Case You Missed It: Atlanta Fed’s Take on Payments Blog
As discussed above, synthetic identity fraud is a growing problem. An Atlanta Fed Take on Payments blog focuses on a potential way to help mitigate it: an electronic consent-based Social Security number verification service to be offered by the Social Security Administration. Read the blog post (Off-site) now.
Third Session Added For FS-ISAC Cyber-Attack Exercise
Due to popular demand, the Financial Services Information Sharing and Analysis Center (FS-ISAC) (Off-site) has added a third session of its Cyber-Attack Against Payment Systems (CAPS) exercise this fall. FS-ISAC members and regulated financial institutions can sign up now. You can participate from your own premises in this virtual, confidential, 2-day tabletop exercise. The CAPS exercise will take place September 24-35, October 1-2 and October 8-9; more information, including the link to register, can be found on the FS-ISAC website (Off-site).
Your Voice Matters – Stay Engaged
Request a Fed Speaker
Fall conference season is quickly approaching! If you are looking for a Fed expert for your conference, fill out this form (Off-site) to submit your request.
Follow FedPayments Improvement on Social Media
Meet with Federal Reserve Experts at Upcoming Industry Events
Mobile Payments Conference – August 26-28 (Off-site)
Instant Gratification: Real-Time Payments are Getting Real in the U.S. in 2019
Visit our industry events page to learn more and reserve time to speak with Federal Reserve experts.
In The News –
Forbes – July 17, 2019
Go Slow on Libra. Speed up on Faster Payments. (Off-site)
PaymentsJournal – July 15, 2019
Extended Hours for Same Day ACH: The Time Has Come (Off-site)
Digital Transactions – July 11, 2019
How IDs Invented out of Whole Cloth Have Become a Fast-Growing Scourge in Payments (Off-site)
PYMNTS.com – July 3, 2019
The Surprising Industries Speeding Faster Payments Adoption (Off-site)
Finextra – June 21, 2019
EU Pushes for Cross-Border Instant Payments (Off-site)