Federal Reserve to Support Same Day ACH with Extended Operating Hours
In response to industry comments on its Federal Register notice (Off-site), the Board of Governors of the Federal Reserve System has approved modifications to the Federal Reserve Banks’ FedACH® Service, National Settlement Service (NSS) and Fedwire® Funds Service to help facilitate adoption of a later Same Day automated clearing house …
Top Reasons Why an e-Invoice Interoperability Framework is Important
On Dec. 5, industry experts joined the Business Payments Coalition’s (BPC) webinar (Off-site) which outlines the concept of an e-Invoice interoperability framework, market challenges and benefits of addressing them and a path forward for the BPC work assessing U.S. market needs. Watch the webinar to learn more about how an …
Collaboration in Action: Federal Reserve Joins U.S. Faster Payments Council
Today, the Federal Reserve System announced it has joined the U.S. Faster Payments Council (FPC) (Off-site) as a founding sponsor. As a member, we’ll actively participate in the FPC’s work to facilitate faster payments in the United States, enabling Americans to securely pay anyone, anywhere, at any time with near-immediate …
e-Invoicing is a necessary first step to achieving straight-through processing for B2B payment transactions
On November 1, the Business Payments Coalition (Off-site) (BPC) published two of three new electronic invoicing (e-Invoicing) reports as part of their initiative to continue dialogue with the industry to address barriers that lead to corporate business-to-business (B2B) payments efficiency. These reports will provide you with the background and methodology …
Innovation Rules: 2019 Chicago Payments Symposium
The 19th annual Chicago Payments Symposium, Looking for Innovation at the Fringes (Off-site), attracted a capacity crowd this year. Convening for two days of engaging dialogue, participants shared numerous insights – and more than a few lighthearted comments – about the benefits of payments innovation, emerging trends and public policy …
Progress in Advancing the U.S. Payment System
It’s been nearly five years since the Federal Reserve published the Strategies for Improving the U.S. Payment System (SIPS) paper, a seminal work in guiding the nation’s payment industry toward a faster, safer and more efficient payment system in the United States. A lot has happened in those five short …
The decision is in: The Federal Reserve Banks will develop the FedNowSM Service, a new 24x7x365 real-time gross clearing and settlement service
Last fall, the Federal Reserve Board requested comment on potential actions the Fed could take to facilitate interbank settlement of faster payments. After conducting an assessment of the public comments and policy criteria regarding the Fed’s role in the payment system, the Board has decided that the Federal Reserve Banks …
Stay Up-to-Date on the Fraud Definitions Work Group’s Progress: April Meeting Summary
The Fraud Definitions Work Group held their first in-person meeting at the Federal Reserve Bank of Boston on April 10-11, 2019. During this meeting, the Federal Reserve provided an overview of previous payment improvement initiatives and the planned approach to these efforts. Work group members began discussing what a fraud …
JUST ANNOUNCED: Members of the Fraud Definitions Work Group
Today, the Federal Reserve announced the members of the new Fraud Definitions Work Group. These industry experts will work collaboratively with the Federal Reserve on recommendations to improve the quality and consistency of ACH, wire and check fraud data. Over 140 individuals submitted an “expression of interest” from January 24 …