September 2020 Pulse Newsletter

Highlights

Defining Synthetic Identity Fraud: New Focus Group

Differing definitions of synthetic identity fraud and multiple approaches to detection make it difficult to quantify the impact of this type of fraud on the U.S. financial system. The Federal Reserve is launching a focus group of experts to create an industry-recommended definition of synthetic identity fraud and a suggested approach for voluntary industry application.

Three Cross-Border Corridors to Know

A remittance payment is commonly thought of as money sent back home by someone staying in a foreign country. These payments account for less than 10 percent of international transactions overall, yet are imperative to millions of households around the world. Learn more about the three largest remittance corridors, measured in terms of payment outflows from the United States.

Recent Announcements

Instant Payments 101

The Federal Reserve is sharing educational resources to help stakeholders across the payments ecosystem see the possibilities provided by instant payments. Check out this article roundup to learn about the basics of faster payments, take a deeper look into instant payments and gain a better understanding of how to plan for an instant payments transformation.

Dondi Black: The Power of Data in Digital Transformation

In our latest FedPayments Improvement Community member spotlight, Dondi Black from FIS discusses the power of data in security, user experience and digital transformation. Read about Black and why she thinks strong industry collaboration is essential in using data more effectively.

Federal Reserve Officer Named to U.S. Faster Payments Council Board Advisory Group

Connie Theien, senior vice president and director of payments industry relations with the Federal Reserve Bank of Chicago, will participate in the U.S. Faster Payments Council’s (Off-site) Board Advisory Group. This newly formed group will advise the FPC by providing industry-wide perspectives and assisting in responding to trends in the faster payments market. Learn more.

Your Voice Matters – Stay Engaged

Join FedPayments Improvement on Social Media

Stay up to date on the latest news, initiatives and engagement opportunities — connect with us on Twitter (Off-site) and LinkedIn (Off-site)!

Hear from Federal Reserve Experts at Upcoming Industry Events

EBA Global Seminar 2020 – Oct. 1 – 2, 2020

Sibos 2020 – Oct. 5 – 8, 2020

Commercial Payments International (CPI) Virtual Summit – Oct. 6 – 7, 2020

MACHA 2020 Electronic Payments Conference – Oct. 14 – 15, 2020

FS-ISAC 2020 Americas Virtual Fall Summit – Oct. 14 – 15, 2020

NICE Actimize ENGAGE 2020 – Oct. 14 – 15, 2020

AFP 2020 Virtual Conference – Oct. 19 – 29, 2020

MAG Annual Conference & Tech Forum – Oct. 20 – 22, 2020

Money 20/20 MoneyFest (Off-site) – Oct. 26 – 29, 2020

Visit our Events page to learn more and reserve time to speak with Federal Reserve experts.

In The News – Top Headlines

Payments Journal – 9/14/20
The Fed Announced More Details on FedNow. Here’s What You Need to Know (Off-site)

Global Finance – 9/3/20
Two Years to US Real-Time Service FedNow (Off-site)

BankInfoSecurity – 8/24/20
How Fraudsters Are Adapting to Changes in Payment Methods (Off-site)

View more articles on our News page.