Today, the Federal Reserve published our most recent white paper in a series on synthetic identity payments fraud. Over the past year, we’ve spoken with more than 50 industry experts about the growing issue of synthetic identity payments fraud and its impact on the financial services industry.
Beginning a new role can be a stressful transition during the best of times. Taking the reins as executive director of the U.S. Faster Payments Council (FPC) in the midst of a global health crisis adds another layer of complication.
Payments industry stakeholders attending the April 20 Nacha Payments 2020 Remote Connect virtual event received an update on the FedNow Service, the Federal Reserve’s instant payment solution.
The Fed is seeking payments industry leaders with varied expertise to participate in an interactive payments community to help inform and evolve the development of the FedNow Service.
The Federal Reserve-led Fraud Definitions Work Group has completed its work on a new fraud classification model that enables all payments stakeholders to classify fraud in a simple and similar manner. Their work was previewed at a virtual event held by Nacha this week, and will be published this spring.
In Brian Peters’ role as executive director at Financial Innovation Now (FIN), an alliance of leading technology companies, he is guided by a core tenet: technological transformation makes financial services more accessible, safe and affordable for everyone. “How do we make people’s lives easier?” is the question that drives his waking hours.
The Fraud Definitions Work Group convened for its final in-person meeting at the Federal Reserve Bank of Atlanta on Jan. 29 and 30.
This January marked the five year anniversary of the release of the Strategies for Improving the U.S. Payment System (PDF) paper. Developed in consultation with industry stakeholders, the paper established our collaborative initiative to improve the payment system and has underpinned many of the Federal Reserve’s efforts to date.
According to payments expert Andrew Boyajian, the days of not knowing the ‘where’ and ‘when’ of an international payment in its transaction journey are numbered.
As head of banking at Transferwise North America, Boyajian has peeled back and understood the larger and complex scale of payments and technological investments needed to make transactions possible.
What’s happening in U.S. payments these days? Ask the Federal Reserve. In its role as the central bank of the United States, the Fed regularly conducts studies to help policymakers, the industry and the public better understand – and improve – the U.S. payment system. The Fed recently provided new insights on payments methods and trends by publishing not one, not two, but three bellwether studies in December 2019. Here’s a roundup of this research.