As announced earlier today, the Federal Reserve will begin work this month on a new study that will measure fraud and associated costs in the U.S. payments system and identify the causes and contributing factors to fraud. The study is part of the Federal Reserve’s ongoing effort to improve and …
We believe that industry collaboration with diverse payment stakeholders is paramount to the success of the Federal Reserve’s payments improvement initiatives. Our commitment to stakeholder engagement is what led us to create the FedPayments Improvement Community back in 2015, and remains the driving force behind the enhancements we’re introducing today. …
As announced earlier today, the Secure Payments Task Force published the Payment Lifecycles and Security Profiles educational materials outlining the lifecycles, security characteristics and relevant laws and regulations for the most common payment types. Developed through collaborative efforts of task force participants with diverse payments and security expertise and perspectives, …
The Secure Payments Task Force will conclude its efforts in March with a final publication consisting of a collection of educational materials outlining the lifecycles and security profiles of today’s primary payment methods. Task force participants will transition into the Federal Reserve’s FedPayments Improvement Community, established to provide stakeholders with …
Make sure to check out Faster Payments: Market Structure and Policy Considerations (Off-site) – a new working paper by Federal Reserve research staff that explores potential market structures in the new world of faster retail payments. This research aligns with the desired outcome of faster payments outlined in the Strategies …
On September 6, 2017, the Federal Reserve issued Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey (PDF). The paper reflects the Federal Reserve’s plans for near-term collaboration with the industry to move closer to achieving the desired outcomes articulated in the Strategies …
The Federal Reserve today released their latest payments study supplement which points to an increase in the use of credit cards in 2016 from 2015. Here are the fast facts: The number of credit card payments grew 10.2 percent in 2016, a marked increase from the 8.1 percent growth experienced …
Last week, the Federal Reserve System announced that Kenneth Montgomery, Federal Reserve Bank of Boston’s first vice president and chief operating officer, will succeed Todd Aadland as the payments security strategy leader. In this role, Ken will lead the Federal Reserve’s effort to reduce fraud risk and advance the safety, …
Protecting the security and integrity of the U.S. payments system is a top priority and the responsibility of all payments industry stakeholders. Through unprecedented industry collaboration, the Secure Payments Task Force has already started laying the foundation to address payments security challenges by identifying and promoting actions that can be …
The Federal Reserve Banks today announced plans to complete their migration to the ISO 20022 standard for their real-time gross settlement system, the Fedwire Funds Service, by the end of 2023. Adopting the ISO 20022 standard for payments clearing and settlement messages supports the Federal Reserve’s strategy to enhance the …