The Federal Reserve reached a milestone in the development of the FedNow Service with the August 6 announcement of the service’s features and functionality. This announcement reflects the Fed’s efforts toward establishing an infrastructure that will support instant payments in the United States.
The Federal Reserve is participating in a Committee on Payments and Market Infrastructures Cross-border Payments Task Force to identify ways to promote faster, less expensive, and more transparent and inclusive cross-border payments.
The Federal Reserve recently hosted a webinar featuring the FraudClassifier℠ model. The model was developed by the Fraud Definitions Work Group to help address the industrywide challenge of inconsistent classifications for fraud involving ACH, wire or check payments.
The Federal Reserve recently released its 2019 Survey of Consumer Payment Choice, the 12th in a series of annual studies that provide a comprehensive understanding of how U.S. consumers make payments.
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.