The Federal Reserve today published, Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey, a paper identifying updated tactics it will pursue to help improve the speed, safety and efficiency of the U.S. payment system.
The Federal Reserve has named Dave Sapenaro as payments strategy director with responsibility for leading payment system improvement initiatives described in its "Strategies for Improving the U.S. Payment System" paper published in January 2015.
A task force made up of hundreds of industry players brought together by the Federal Reserve has set out 10 recommendations to make payments in the US faster and more accessible by 2020.
Consumers wrote nearly two-thirds fewer checks per household in 2015 than in 2000, while total noncash payments per household, which includes not only checks but also card payments and electronic transfers via the automated clearinghouse (ACH) system, expanded almost 95 percent, according to additional results released today from the 2016 Federal Reserve Payments Study.
The Federal Reserve on Thursday announced two enforcement actions against Deutsche Bank AG that will require the bank to pay a combined $156.6 million in civil money penalties.
An R3 academic paper on central bank digital currencies (CBDCs) investigates the relative merits of a public network-based retail Fedcoin option and the private, permissioned wholesale CAD-coin alternative.
Swift has taken a big step to realising one of the primary goals of its global payment initiative (gpi) by announcing an agreement with the Federal Reserve Banks and The Clearing House to support end-to-end payments tracking across their respective wire services.
A US Federal Reserve governor has poured cold water on the prospect of central bank-issued digital currencies, saying that they raise serious security and privacy concerns and could become a prime target for crooks.
Fintech firms should welcome, not fear, regulation because it is in their interest to have an "established framework" in which to operate, says the president of the Federal Reserve Bank of Philadelphia.
A former Federal Reserve employee has been sentenced to 12 months' probation and fined $5000 for installing software on a Fed server to use its computing power to earn bitcoins.
© Finextra Research 2017