The Remittance Delivery Assessment Work Group just released a recommendations report where they determined it is feasible to establish a remittance exchange framework, similar to the electronic invoice (e-invoice) exchange framework, with some minor adaptations. Read the recommended next steps.
Over the year, the Federal Reserve has continued to collaborate with the industry to advance understanding on the importance of B2B payments modernization. This collaboration has taken different forms, resulting in progress among industry work groups, market pilot activities and strong enthusiasm for efforts to advance modernization.
Straight-through processing yields multiple benefits for businesses and alleviates the pain points that result from manual business-to-business (B2B) payment processes.
The FraudClassifier(SM) model was released in June 2020 to help organizations speak the same fraud language and obtain a holistic picture of fraud involving payments. Explore a new video for a comprehensive overview of the model, including a step-by-step walk-through of its classification paths and supporting definitions.
To modernize business-to-business (B2B) payments, there must first be a framework for businesses to send, receive and automate electronic invoices and remittance information. Explore the third video in our educational series for an overview of a virtual exchange framework and its potential as a solution for automation.
The annual Chicago Payments Symposium focused on “Activating Next Gen Use Cases,” including global innovations in faster and instant payments, digital currency, new financial technologies and the importance of financial inclusion.
The Federal Reserve has published the third and final research brief in a series on remote authentication fraud. This brief focuses on ways the Fed and industry can work together to improve fraud mitigation, build awareness and engage industry stakeholders.
The Federal Reserve has published the second research brief in a series, which takes a closer look into payment use cases and authentication methods that can help prevent the most common types of remote authentication fraud.
The Federal Reserve recently hosted a webinar, “Modernizing B2B Payments: The Time for Digitalization is Now”. Read the recap and watch the recording to hear about the vision, benefits and opportunities for advancing innovation and modernization of B2B payments.
The Federal Reserve has been working in collaboration with payments professionals over the past two years to research key remote authentication fraud challenges and mitigation efforts. A new research brief explores authentication strategies to address new account fraud, synthetic identity fraud and account takeover fraud.