Payments News

On The Web

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Regulation

Democrats Try to Force Fed’s Hand on Faster Payments

“A group of House and Senate Democrats have introduced a bill that would require the Federal Reserve to create a real-time payments system. The Payments Modernization Act, introduced in the Senate by Sen. Chris Van Hollen, D-Md., said the central bank has been moving too slowly to determine whether to develop its own payments system, […]
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Global

Indian Panel Proposes Fines and Jail Time for Cryptocurrency Use

“A panel reporting to India’s Finance Ministry suggested the country’s regulators have an “open mind” about a governmental cryptocurrency and, at the same time, proposed fines and up to ten years in prison for general use of crypto in the country. The panel, created by the Ministry of Electronics and Information Technology, the Securities and Exchange Board […]
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Systems

Jerome Powell: Fed ‘Seriously Considering’ Faster Payments System

“Federal Reserve Chairman Jerome Powell has informed lawmakers that the central bank is “seriously considering” moving forward with the development of a faster payments system that would compete with a network built by the nation’s largest financial institutions. In a letter to senators that was obtained by POLITICO, Powell gave his most forceful defense yet […]
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Systems

Speech by Governor Brainard on Delivering Fast Payments for All

“Through the FedNow Service, we will provide a foundation for the future—a modern payment infrastructure that allows innovation and competition to flourish and delivers faster payments safely and securely for all. To ensure fast payments are available to everyone, FedNow will be accessible to all banks, no matter the size. Given our long-standing service connections […]
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Systems

Fed Wants Workers to Get Pay Faster

“Community groups, smaller banks and advocates for low-wage earners have been calling for the Fed to limit the delay and to create a public sector option for real-time payments. But some in the banking industry, particularly large banks, have pushed back against the effort over concerns that the Fed’s involvement will compete with their products […]
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On The Wires

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Systems

BHMI Selected to Support Back-Office Functionality of the Zelle Network®

“Baldwin Hackett & Meeks, Inc. (BHMI) , a leading provider of enterprise software applications and creator of the Concourse Financial Software Suite™ , announced that Early Warning Services, LLC, the network operator behind the Zelle® fast payments network, has selected Concourse to support disputes management for payment transactions processed by the Zelle Network®.”