From 2012 to 2015, credit and debit (including prepaid and non-prepaid) card payments continued to gain ground in the payments landscape, accounting for more than two-thirds of all core noncash payments in the United States, according to a Federal Reserve study of U.S. non-cash payments released December 22, 2016. Automated Clearing …
In light of ongoing developments to improve the U.S. payment system, including the Federal Reserve’s Strategies for Improving the U.S. Payment System (PDF) efforts, the Federal Reserve Board anticipates additional interest by industry participants in establishing joint accounts. Joint accounts are intended to facilitate settlement between depository institutions participating in …
The Secure Payments Task Force, conceived in Strategies for Improving the U.S. Payment System (PDF), has been advancing efforts to support the strategy of reducing payment fraud and advancing the safety, security and resiliency of the payment system. Earlier this year, they launched work groups focusing on the following payments …
It has now been five years since the Remittance Coalition was formed and since its founding, the Coalition has experienced tremendous growth and evolution (and they’re not done yet!). As part of its anniversary, the Remittance Coalition will henceforth be known as the Business Payments Coalition. Along with its new …
Explore the possibility by reading the U.S. Adoption of Electronic Invoicing: Challenges and Opportunities (PDF) paper release by the Payment, Standards and Outreach Group of the Federal Reserve Bank of Minneapolis. In keeping with the desired outcome of end-to-end efficiency detailed in the Strategies for Improving the U.S. Payment System …
In April 2015, the Remittance Coalition released the Small Business Payments Toolkit (PDF) and now, we are pleased to announce the release of the second volume. Volume 2 (PDF) is chock-full of new information to further encourage the adoption of electronic business-to-business payments and remittance information exchanges by small businesses. Financial institutions, …
Would you like to see more efficient business-to-business (B2B) payments in the U.S.? Widespread use of electronic remittance data exchanges? Reduced barriers to electronic payments? If you answered yes to any of these questions, then you might be interested in joining the Remittance Coalition. The Remittance Coalition is a group …
The Federal Reserve Banks have been collaborating with several other organizations known as the Stakeholder Group to prepare for the adoption of the ISO® 20022 standard for domestic and international wire payments. ISO 20022 is a robust financial messaging standard that supports the end-to-end flow of payment information from the …
We are pleased to announce the selection of McKinsey & Company to support Faster Payments Task Force efforts this year to assess faster payments solution proposals from various providers across the U.S. payments industry. The Federal Reserve established the 331-member Faster Payments Task Force in 2015 to support a broader …
We are hosting two webinars that discuss how industry collaboration over the last year has led to substantial progress on the initiatives outlined in Strategies for Improving the U.S. Payment System (PDF). The first webinar will give you an overview of the industry progress made over the past year, while …