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Companies

New Participants Named to FedNowSM Pilot Program

“The Federal Reserve today announced the addition of several organizations to the FedNow Service Pilot Program. The participants are joining more than 120 other organizations amid the program’s testing phase, which began earlier this year and will continue through the launch of the FedNow Service in 2023. The new pilot participants include the U.S. Department […]
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Companies

Crypto Bank Custodia Sues Federal Reserve

“Custodia filed suit against the U.S. Federal Reserve on Tuesday, saying the central bank was unlawfully delaying a decision on the crypto bank’s application for a master account. In the filing in the United States District Court of Wyoming, Custodia accused the Federal Reserve Board of Governors and Federal Reserve Bank of Kansas City of […]
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Companies

UL Solutions and Iliad Solutions Collaborate to Offer Security Testing and Technology for Adopters of the FedNow[SM] Service

“UL Solutions, a global leader in applied safety science, today announced its collaboration with Iliad Solutions, a company that helps test and launch payment solutions. The collaboration combines independent third-party services from UL Solutions with Iliad’s testing platform to offer optional support features for financial institutions and processors implementing the FedNow Service. Launching in 2023, […]
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Companies

Powell: US CBDC Could Help Maintain International Role of Dollar

“In remarks delivered to a research conference hosted by the Federal Reserve Board, Fed Chair Jerome Powell discussed the international role of the U.S. dollar as well as the role a central bank digital currency (CBDC) might have in the future… The adoption of a U.S. CBDC, according to Powell, would improve on an already […]
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Companies

Federal Reserve Board Finalizes Rule That Governs Funds Transfers Over the Federal Reserve Banks’ FedNow Service

“The Federal Reserve Board on Thursday finalized a rule that governs funds transfers over the Federal Reserve Banks’ FedNow℠ Service. The final rule is substantially similar to the proposal from last year, with a few clarifications in response to comments. The FedNow Service is a new 24x7x365 interbank settlement service with clearing functionality to support […]
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Companies

2022 Findings from the Diary of Consumer Payment Choice

“The 2021 Diary of Consumer Payment Choice (Diary) finds that the COVID-19 pandemic has continued to affect the way U.S. consumers use and hold cash. The share of payments made in cash dropped sharply from 2019 to 2020 and then increased slightly in 2021, implying that cash use hit its lowest point in the first […]
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Companies

FedNowSM Service Pilot Program Achieves Message Delivery Milestone, Welcomes New Participants

“The Federal Reserve has officially started onboarding pilot participants onto the FedNow Service, signaling that the initial testing phase of the FedNow Pilot Program is underway. A few organizations have now successfully connected and delivered test messages over a pilot version of the FedNow Service, marking a key milestone for the service, which remains on […]