As announced in August, the Federal Reserve is developing a new, round-the-clock real-time payment and settlement service to support faster payments in the United States. Leading this important initiative is Federal Reserve veteran Ken Montgomery. Two weeks into his new job, Ken shares his thoughts about the path ahead. Why …
Welcome to our new website! Bringing you the latest in payments improvement news and perspectives, this website serves as a hub for our ongoing commitment to collaborate with you – and realize our collective vision for the future. Our Journey to Get Here When the Federal Reserve kicked off its …
The time is now for payments stakeholders to recognize what may be the fastest-growing financial crime in the United States: synthetic identity fraud. Financial institutions should take steps to mitigate this type of fraud due to the looming risks and losses caused by synthetic identities, but many may not be …
Last fall, the Federal Reserve Board requested comment on potential actions the Fed could take to facilitate interbank settlement of faster payments. After conducting an assessment of the public comments and policy criteria regarding the Fed’s role in the payment system, the Board has decided that the Federal Reserve Banks …
The Fraud Definitions Work Group held its third in-person meeting at the Charlotte Branch of the Federal Reserve Bank of Richmond on July 24-25, 2019. This meeting featured the Federal Reserve providing an overview of the updated Fraud Classification Model for Payments (Model) and leading detailed discussions and breakouts focused …
These days, when we think ‘payments’ we usually think the electronic kind – cards, mobile, online. Roger Replogle (Off-site), executive vice president and cash product manager in the Federal Reserve System’s Cash Product Office (CPO), thinks about the legacy kind – cash – and its usage within the modern payments …
The Fraud Definitions Work Group held their second in-person meeting at the Denver Branch of the Federal Reserve Bank of Kansas City on June 4 – 5, 2019. During this meeting, the Federal Reserve discussed the intended audience and use of the Payments Fraud Classification Model (Model), reviewed the proposed …
Engaging with FedPayments Improvement Community members is an important part of our collaborative approach to improving the U.S. payment system. In-person engagements, like our 2018 FedPayments Improvement Community Forum, are a valuable opportunity for Federal Reserve leaders to share updates on payments improvement initiatives and to hear feedback from …
The Federal Reserve continues to generate momentum toward the desired outcomes outlined in the Strategies for Improving the U.S. Payment System (PDF) paper released in 2015 and built upon in the 2017 Next Steps in the Payments Improvement Journey (PDF) paper. The Spring 2019 Progress Report (PDF) released today provides …
A workshop on synthetic identity payments fraud was “standing room only” at last fall’s FedPayments Improvement Community Forum. Now, the Federal Reserve has brought the topic to a wider audience with a one-hour webinar. Fraudsters increasingly use synthetic identities to commit payments fraud. A synthetic identity is created by using …