Payments News

On The Web

nbsp;

Companies

Federal Reserve Launches Service to Help Financial Institutions Track Trends for Payments Settled Through its FedACH® Service

“Federal Reserve Financial Services today launched the FedPayments® Insights Service, a business and analytics tool that generates reports on a financial institution’s payments settled through the FedACH Service to help the organization advance its business strategy and day-to-day ACH operations. “In recent years, ACH transactions have grown in both volume and total value,” said Keith […]
nbsp;

Companies

Federal Reserve Updates FedNow Service Timing to Mid-2023, Marks Beginning of Full-Scale Pilot Testing  

“The Federal Reserve Banks have narrowed the timing of the FedNow Service launch to mid-year 2023, specifically targeting a production rollout of the service in the May to July timeframe. This further defines the previously communicated 2023 launch window for the anticipated instant payments service and comes as the FedNow Pilot Program prepares to enter […]
nbsp;

Companies

Federal Reserve Guidelines Crack Banking System Open to Crypto Banks

“The Federal Reserve Board on Monday announced final guidelines that could open up a path for institutions peddling new types of financial products, or those with novel charters, to tap into the banking system. Why it matters: The guidelines seek to clarify a longstanding question critical to the crypto industry — who is allowed to have a master account. […]
nbsp;

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 […]
nbsp; nbsp; nbsp; nbsp;

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 […]
nbsp;

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, […]
nbsp;

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 […]