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Jerome Powell - 2 Wells - 2 Rob Nichols - 1 FedNow - 1 ” - 1 “ - 1 it’s - 1 Loretta Mester - 1
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Search resuls for: "FedNow Service"


7 mentions found


☆ Federal Reserve officially launches new FedNow instant-payments service
  + stars: | 2023-07-20 | by ( Jeff Cox | ) www.cnbc.com   time to read: +2 min
The Federal Reserve launched its FedNow instant-payments service Thursday, following several years of developing a system officials say will allow the faster flow of cash for businesses and individuals. "The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," Fed Chair Jerome Powell said. The American Bankers Association said it welcomes the FedNow developments, noting that the central bank joins the Clearing House, which put its payments service online in 2017, as two major providers in the space. There are still some outstanding questions about FedNow, such as whether banks will charge for the service. As FedNow goes online, Fed officials are studying the implementation of a central bank digital currency, with some saying they think FedNow could mitigate the need for a CBDC.
Persons: Jerome Powell, Wells, Rob Nichols, FedNow Organizations: Federal Reserve, Service, JPMorgan Chase, American Bankers Association, ABA Locations: U.S, Wells Fargo
☆ FedNow: A new instant payment system may be coming to a bank near you
  + stars: | 2023-07-20 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +6 min
“The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” said Fed Chair Jerome Powell. FedNow instant payments won’t benefit you, however, if:You don’t have a bank or credit union accountYour financial institution is not part of the FedNow network. If your bank or credit union is among them, it may take some time before they start offering instant payments and deposits for customers using FedNow. And some initially may only offer to receive FedNow payments for their customers, but not send them. And in this first phase of use, the FedNow Service will only be available to process domestic payments between US depository institutions.
Persons: ”, Jerome Powell, “, it’s, Wells Organizations: New, New York CNN, Federal Reserve, Service, FedNow Service, …, Fiscal Service, JPMorgan Chase, Community Bank Locations: New York, Treasury’s, Wells Fargo
☆ Banks can manage outflow risk in Fed's new payment service system, Mester says
  + stars: | 2023-07-12 | by ( Michael S. Derby | ) www.reuters.com   time to read: +2 min
Mester acknowledged concerns that FedNow, a real-time, all-hours payment system the central bank is making available to banks, could exacerbate banking troubles by facilitating fast outflows from financial institutions, in effect super-charging a potential bank run. She said it will be up to the users of FedNow themselves to use transfer limits. "Future releases of the FedNow Service may allow configurable transaction limits by customer type, if such limits are deemed useful," she added. Mester said banks can also plan for how they can tap Fed emergency lending and private sources of liquidity, should they need it. Mester's comments on mitigating the financial stability risks of the real-time payment system were rooted in events in the spring, when trouble at a limited number of banks spooked the global financial system, and were in part rooted in anxious customers moving funds from affected banks very quickly.
Persons: Loretta Mester, Mester, Banks, Michael S, Paul Simao Organizations: YORK, Cleveland Federal, National Bureau of Economic Research Summer Institute, Fed, Thomson Locations: U.S
☆ Payments are broken. From fraud to a lack of innovation, these are the biggest pain points in the space, according to experts.
  + stars: | 2023-04-28 | by ( Paige Hagy | ) www.businessinsider.com   time to read: +4 min
Experts at the conference named time-to-money, faster payments processing leading to faster fraud, and political hurdles that stunt innovation as the biggest challenges for payments. But with faster payments comes faster fraud, Soups Ranjan, cofounder and CEO of Sardine, said. Still, the threat of faster fraud "shouldn't change why we lean into faster payments," Kirkpatrick added. "Because this problem will exist whether we have faster payments or we don't." "We don't have anything close to that in the US," Kirkpatrick added.
☆ Long-awaited Fed digital payment system to launch in July
  + stars: | 2023-03-15 | by ( Jeff Cox | ) www.cnbc.com   time to read: +1 min
The Federal Reserve's digital payments system, which it promises will help speed up the way money moves around the world, will debut in July. FedNow, as it will be known, will create "a leading-edge payments system that is resilient, adaptive, and accessible," said Richmond Fed President Tom Barkin, who is the program's executive sponsor. Participants will complete a training and certification process in early April, according to a Fed announcement. Institutions that participate in the program will have seven-day, 24-hour access, as opposed to a system currently in place that closes on weekends. Some Fed officials say the program even could supplant the need for a central bank digital currency.
☆ How to transform your business's payables and receivables to keep up with customer demand
  + stars: | 2022-11-11 | by ( Sponsor Post | Created Citizens With Insider Studios | ) www.businessinsider.com   time to read: +7 min
By Matt Richardson, head of treasury product solutions, CitizensFueled by greater connectivity and faster transactions, the digital transformation of the payables and receivables landscape continues to reshape the outlook for treasury management. We've seen many companies embrace faster and easier payments systems. This is set to launch by 2023 and will extend access to real-time payments to more financial institutions and customers nationwide. The dominant force in this area will be cloud-based, intelligent payables and receivables platforms like Citizens' integrated payables solution powered by Paymode-X. Relatedly, payment messaging will be an essential area to keep track of as new digital payment options are becoming increasingly sophisticated and data-intensive.
☆ Banking agencies to provide guidance on crypto after better understanding risks- FDIC head
  + stars: | 2022-10-20 | by ( ) www.reuters.com   time to read: +1 min
Oct 20 (Reuters) - Banking regulators expect to provide industry guidance to financial institutions on crypto-related activities once agencies better understand the associated risks, said the acting chairman of the Federal Deposit Insurance Corp."We must understand and assess the risks associated with these activities the same way that we would assess the risks related to any other new activity," said Martin Gruenberg on Thursday during a speech at the Brookings Institution. Gruenberg also added that a potential future payments system based on the use of stablecoin, which are crypto-assets typically pegged to the U.S. dollar, should complement the Federal Reserve's forthcoming FedNow service, as well as a possible U.S. central bank digital currency. Register now for FREE unlimited access to Reuters.com RegisterReporting by Hannah Lang in WashingtonOur Standards: The Thomson Reuters Trust Principles.
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