Federal Reserve to Develop Real-time Gross Settlement Service for Faster Payments
The Board of Governors of the Federal Reserve System announced (Off-site) that the Reserve Banks will build and operate the FedNowSM Service, a new interbank 24x7x365 real-time gross settlement service with integrated clearing functionality to support faster payments in the United States. Federal Reserve Bank of Boston First Vice President Ken Montgomery will lead the development of FedNow. The Board is seeking public comments on all aspects of the planned service through a Federal Register notice.
Save the Date: Synthetic Identity Fraud Webinar
Synthetic identities – considered by many to be the fastest-growing type of financial crime in the United States – are compiled from real and/or fake information to deceive corporate or government systems into thinking the identities are real people. This type of fraud can be tougher to identify and neutralize than traditional identity fraud. On Wednesday, September 4 from 2:00 – 3:00 p.m. ET, join our webinar: On the Front Lines Against Synthetic Identity Payments Fraud, to hear insights from people on the front lines of investigating synthetic identity fraud.
In Case You Missed It: Atlanta Fed’s Take on Payments Blog
Check out this recent post from the Federal Reserve Bank of Atlanta’s Take on Payments blog (Off-site) to learn more about financial inclusion. Indicators relating to payments include retail cashless payments, mobile or internet-based payments and debit card ownership.
Your Voice Matters – Stay Engaged
Coming Soon: The New and Improved FedPaymentsImprovement.org
Soon, we are launching a redesigned FedPaymentsImprovement.org website. The new site demonstrates our commitment to payments improvement through collaboration and will showcase the diversity of the payments ecosystem with spotlights from our Community, interviews and features with Fed leadership and more. Be on the lookout for the launch announcement in the coming weeks.
Attend the Annual Chicago Payments Symposium at the Federal Reserve Bank of Chicago
Join the Federal Reserve this fall at the annual Chicago Payments Symposium (Off-site), October 15 and 16. One of the premier payments industry conferences, the Chicago Payments Symposium is an opportunity to hear industry experts from around the world provide insights on emerging payments trends, challenges and issues of the day. Reserve your spot (Off-site) now!
Meet with Federal Reserve Experts at Upcoming Industry Events
- Faster Payments: What is happening as many faster payment solutions emerge in the U.S.?
- Building a Backbone for Real-Time Payments in the U.S.
- Strategies to Advance U.S. Payments Safety, Resiliency and Security
Visit our Events page to learn more and reserve time to speak with Federal Reserve experts.
Related Public News
PYMNTS.com – 8/16/19
Global Cross-Border Payments Expected To Grow, But Challenges Remain (Off-site)
American Banker – 8/15/19
Fed names leader for development of real-time payment system (Off-site)
American Banker – 8/5/19
Fed plans to launch real-time payment services by 2024 (Off-site)
And now, the hard part of the Fed’s path to real-time payments (Off-site)
View more articles on our News page.