August 2019 Pulse Newsletter

Highlights

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.

Recent Announcements

Learn About the Fraud Definition Work Groups’ Latest Progress

In late July, the Fraud Definitions Work Group held their third in-person meeting at the Charlotte branch of the Federal Reserve Bank of Richmond. Learn more about recent work group efforts and path ahead here (PDF).

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.

Register for a FedNow Service Webinar

Want to learn more about the latest Federal Register notice and the Fed’s plan to develop the FedNow Service? We are hosting two webinar sessions on Tuesday, August 27 and Monday, September 9 to answer your questions! Sign up (Off-site) today.

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!

Join FedPayments Improvement on Social Media

Stay up to date on all of our exciting initiatives and engagement opportunities — follow us on Twitter (Off-site) and LinkedIn (Off-site)!

Meet with Federal Reserve Experts at Upcoming Industry Events

Merchant Advisory Group Annual Conference – September 17-19 (Off-site)

  • Faster Payments: What is happening as many faster payment solutions emerge in the U.S.?

PayThink 2019 – September 18 and 19 (Off-site)

  • 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.