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.
The Fraud Definitions Work Group convened for its final in-person meeting at the Federal Reserve Bank of Atlanta on Jan. 29 and 30.
This January marked the five year anniversary of the release of the Strategies for Improving the U.S. Payment System (PDF) paper. Developed in consultation with industry stakeholders, the paper established our collaborative initiative to improve the payment system and has underpinned many of the Federal Reserve’s efforts to date.
According to payments expert Andrew Boyajian, the days of not knowing the ‘where’ and ‘when’ of an international payment in its transaction journey are numbered.
As head of banking at Transferwise North America, Boyajian has peeled back and understood the larger and complex scale of payments and technological investments needed to make transactions possible.
What’s happening in U.S. payments these days? Ask the Federal Reserve. In its role as the central bank of the United States, the Fed regularly conducts studies to help policymakers, the industry and the public better understand – and improve – the U.S. payment system. The Fed recently provided new insights on payments methods and trends by publishing not one, not two, but three bellwether studies in December 2019. Here’s a roundup of this research.
The Federal Reserve recently conducted a review of the current cross-border payments landscape to better understand developments and ongoing challenges. Key findings were discussed on a January webinar entitled Go Global: A Review of Progress and Pain in Cross-Border Payments (Off-site), where nearly 700 highly engaged stakeholders attended, demonstrating rich interest in this topic.
In response to industry comments on its Federal Register notice (Off-site), the Board of Governors of the Federal Reserve System has approved modifications to the Federal Reserve Banks’ FedACH® Service, National Settlement Service (NSS) and Fedwire® Funds Service to help facilitate adoption of a later Same Day automated clearing house …