PYMNTS

AUGUST 5, 2019

The Federal Reserve has officially announced it will create a real-time payments service, to be called FedNow. The move was described by Kansas Federal Reserve President Esther George as the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972.

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PYMNTS

MARCH 23, 2020

To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. The Fed would be in control of the digital wallets. Finance reported. . economy overall in this challenging time.

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Fed eWallet Federal Reserve Economy 109

Fintech News

DECEMBER 10, 2023

The Reserve Bank of India (RBI) has initiated discussions with the Hong Kong Monetary Authority (HKMA) , the US Federal Reserve, and the international payment platform SWIFT to explore the use of central bank digital currencies (CBDCs) for cross-border payments.

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Cross-Border Payments Cross-Border SWIFT Fed 122

PYMNTS

SEPTEMBER 23, 2019

The phase 1 implementation of the ISO 20022 migration strategy that was scheduled for November 2020 is being postponed by the Federal Reserve Bank, the U.S. central bank said in a press release on Monday, Sept. The Federal Reserve will announce an amended adoption strategy after the assessment is complete. .

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The Fintech Times

FEBRUARY 26, 2024

As of December 2023, 130 countries, representing 98 per cent of global GDP, were exploring central bank digital currencies (CBDCs) according to the Atlantic Council ‘s CBDC tracker. “The Federal Reserve , Bank of Canada , and Bank of England are studying CBDCs, and there are challenges in each country.

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Cross-Border Payments Cross-Border Digital Currency Central Bank 145

PYMNTS

APRIL 13, 2020

In other words, the recipients would create checking accounts at the Federal Reserve Banks (there are 12 of them). Digital fiat would have the full faith and credit of the central banking system. That divide, we surmise, could be at least somewhat bridged by direct accounts at Fed banks, and IDs done digitally too.

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Fed Federal Reserve Accounts Direct Deposit 99

PYMNTS

OCTOBER 12, 2020

The recently released report by the Bank for International Settlements ( BIS ) offers a general framework for digital currencies. The BIS noted of central bank digital currency ( CBDC ) that “a CBDC could provide a complementary central bank money to the public, supporting a more resilient and diverse domestic payment system.

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PYMNTS

MARCH 23, 2020

To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. The Fed would be in control of the digital wallets. Finance reported. . economy overall in this challenging time.

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eWallet Federal Reserve Fed Economy 105

PYMNTS

DECEMBER 16, 2020

The Federal Reserve has upped its expectations for the end-of-year forecast, now predicting that the real gross domestic product (GDP) will fall by only 2.4 Citing the central bank's Summary of Economic Projections released Wednesday (Dec. 16), the bank upped its positivity. percent, CNBC reported. percent fall.

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Fed Federal Reserve Economy Central Bank 97

PYMNTS

JUNE 23, 2020

The Clearing House’s RTP finds expansion within the community bank arena, while abroad, the Bank of Thailand is planning its own infrastructure development to accelerate B2B payments. Federal Reserve has introduced a new effort to combat payments fraud. RTP Gains Community Bank Traction. In the U.S.,

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Federal Reserve RTP Payment APIs and Integration Fed 106

Payments Source

AUGUST 21, 2020

The global digital currency race has heightened the threat to traditional monetary policy and the dollar’s dominance, enough for the Federal Reserve of Boston to make a concerted effort to keep pace.

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Digital Currency Federal Reserve Fed Central Bank 117

PYMNTS

MARCH 15, 2020

The Federal Reserve announced Sunday (March 15) it would drop benchmark interest rates to zero and buy at least $700 billion in government bonds as part of an emergency action to protect the economy from the impact of the coronavirus outbreak. The only lone dissenter in lowering the rate was Cleveland Fed President Loretta Mester.

Federal Reserve 56

Federal Reserve Fed Economy Central Bank 56

PYMNTS

OCTOBER 9, 2020

In terms of collaboration, as noted in this space, the Federal Reserve is working in collaboration with seven other central banks and the Bank for International Settlements (BIS) to bring together a framework that would smooth the path to digital currency issuance. Fed, the Swiss National Bank and others.

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Digital Currency Central Bank CBDC Federal Reserve 70

Payments Dive

MAY 20, 2024

Federal Reserve Governor Christopher Waller last week underscored the central bank’s role for setting standards in the rapidly evolving payments arena.

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Federal Reserve Fed Central Bank Payments 78

PYMNTS

AUGUST 21, 2020

Earlier this month, as PYMNTS noted , the Federal Reserve said its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Central bank digital currencies (or CBDCs) have been gathering steam, at least as a concept.

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CBDC Fed Federal Reserve ISO 20022 107

PYMNTS

AUGUST 7, 2020

For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific. Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States.

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Instant Payments Fed FedNow Interbank Settlement 75

PYMNTS

AUGUST 9, 2020

Not everyone favors the Federal Reserve Board’s launch of its settlement service designed to eliminate the three-day check clearing and support instant payments in the U.S. The Clearing House, a payments company that is owned by the nation’s largest banks, has been operating its own real-time system for three years.

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Finextra

JANUARY 21, 2025

The Federal Reserve Board on Friday announced it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

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Central Bank Federal Reserve Fed 52

Payments Source

DECEMBER 19, 2019

The Federal Reserve is investigating the second significant disruption in 2019 of a payments service administered by the U.S. central bank.

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Federal Reserve Fed Central Bank Payments 72

Payments Source

NOVEMBER 24, 2019

The Cleveland Fed president dismissed concerns about the central bank's faster payments system competing with The Clearing House's network, while saying that a national digital currency is less of a necessity in the U.S. than in other countries.

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Digital Currency Fed FedNow Central Bank 81

Payments Source

MAY 11, 2016

Officials from the Federal Reserve Bank of New York, Bangladesh Bank and the payments network Swift vowed Tuesday to catch the thieves who took $81 million out of the Bangladesh central bank's account at the New York Fed.

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Payments Source

AUGUST 6, 2020

The central bank released new details about FedNow, which officials hope to get off the ground before a 2023 or 2024 target launch date.

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PYMNTS

DECEMBER 19, 2019

With a problem at the Federal Reserve that has since reportedly been fixed, direct deposits, as well as other financial transactions, were delayed on Thursday (Dec. Banks were told about a “disruption” in the automated clearing house (ACH) network that brought about delays in settlements, CNN reported. The biggest U.S.

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PYMNTS

MARCH 15, 2020

The Federal Reserve announced Sunday (March 15) it would drop benchmark interest rates to zero and buy at least $700 billion in government bonds as part of an emergency action to protect the economy from the impact of the coronavirus outbreak. The only lone dissenter in lowering the rate was Cleveland Fed President Loretta Mester.

Fed 57

Fed Federal Reserve Economy Central Bank 57

PYMNTS

MAY 15, 2020

Just when the economy can’t take any more bad news, the Federal Reserve Bank of Atlanta is predicting the national gross domestic product (GDP) is expected to drop by nearly 43 percent in the second quarter, CNBC reported. GDPNow is not an official forecast of the Atlanta Fed. percent, down from a 62.8 million, the U.S.

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Fed Federal Reserve Economy Central Bank 60

PYMNTS

SEPTEMBER 17, 2020

The race to develop central bank digital currencies (CBDCs) is underway, but it seems the Reserve Bank of Australia may not be in the running. 17), Australia’s central bank has viewed the issuance of such digital coinage with caution, and even a bit of skepticism.

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Central Bank CBDC Digital Currency Federal Reserve 72

Payments Source

FEBRUARY 12, 2020

To address immediate market demand but allow time for the project to be done right, the official leading implementation of FedNow says the central bank envisions an initial release in 2023 or 2024 followed by subsequent updates.

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Faster Payments FedNow Fed Central Bank 112

PYMNTS

SEPTEMBER 1, 2020

A Federal Reserve governor said Tuesday (Sept. 1) that the central bank has to launch initiatives "in coming months" to assist the economy in surmounting the pandemic’s effects, while meeting the pledge of more formidable employment expansion and greater inflation, Reuters reported.

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Fed Federal Reserve Central Bank Credit Cards 56

PYMNTS

NOVEMBER 12, 2019

Federal Reserve Chairman Alan Greenspan said Tuesday (Nov. 12) that central banks have no reason to issue digital currency. Philadelphia Federal Reserve President Patrick Harker said in early October it is “ inevitable ” that central banks including the Fed will issue digital currency.

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Digital Currency Central Bank Fed Federal Reserve 40

PYMNTS

FEBRUARY 1, 2019

The Federal Reserve Bank of New York announced that it will formally assist Bangladesh Bank in a lawsuit to recover funds stolen by hackers. While $1 billion was requested, $81 million was eventually sent to accounts at Manila-based Rizal Commercial Banking Corporation (RCBC), then to Philippine casinos.

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Federal Reserve Fed Money Laundering Central Bank 44

PYMNTS

MARCH 23, 2020

The Federal Reserve launched a massive aid package on Monday (March 23) to prop up the coronavirus-devastated U.S. The Federal Reserve is committed to using its full range of tools to support households, businesses and the U.S. economy overall in this challenging time,” the central bank said in an announcement.

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Fed Federal Reserve Consumer Central Bank 52

Payments Source

AUGUST 5, 2019

As part of its justification for developing its own government-backed system, the central bank said that leaving only a single fast network run by big banks constitutes a potential risk to the economy.

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Real Time Payments Fed Central Bank Economy 105

Payments Source

NOVEMBER 14, 2019

The central bank originally predicted FedNow's launch within five years, but the Fed chairman told House lawmakers that he expects it will happen sooner.

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Fed Faster Payments FedNow Payment Networks 69

PYMNTS

SEPTEMBER 13, 2016

When the Federal Reserve ticked the interest rate up to 0.25 In the wake of the financial crisis, the Fed officially cut the interest rate in the U.S. In the wake of the financial crisis, the Fed officially cut the interest rate in the U.S. The Federal Reserve board meets on Sept.

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Fed Federal Reserve Economy NOV 55

PYMNTS

APRIL 16, 2019

Cross-border FinTech efforts have seen increasing participation from central banks and monetary authorities. The Fed And FinTech Firms. Bowman remarked at an event, held at the Federal Reserve Bank of San Francisco, that the Fed could foster collaborative action between those smaller banks and FinTech firms.

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Federal Reserve Cross-Border FinTech Payment APIs and Integration 84

PYMNTS

SEPTEMBER 4, 2017

Federal Reserve Bank of New York Head William Dudley has violated code of conduct rules, reported Reuters. Wells Fargo is under scrutiny from the Fed and other regulators due to its massive fake account scandal. Wells Fargo is under scrutiny from the Fed and other regulators due to its massive fake account scandal.

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Federal Reserve Fed Regulations Central Bank 40

PYMNTS

JUNE 16, 2020

gross domestic product, according to Federal Reserve data. And Monday, the Fed announced plans to create a “broad, diversified market index” and purchase individual corporate bonds on the secondary markets. Until then, firms will have to rely on investor and central-bank willingness to keep the debt machinery humming.

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Economy Federal Reserve Fed Non-Bank 85