PYMNTS

DECEMBER 16, 2019

central bank to consider modeling FedNow after the Unified Payments Interface (UPI) framework used in India, The Economic Times (ET) reported on Sunday (Dec. FedNow is the new interbank real-time gross settlement (RTGS) service that will offer integrated clearing functionality for faster digital payments.

FedNow 57

FedNow Real Time Gross Settlement (RTGS) Federal Reserve Payment APIs and Integration 57

PYMNTS

JANUARY 21, 2019

That was the day that an advocacy group, Financial Innovation Now (FIN), submitted a public comment letter to the Fed in response to its proposal to create and operate a real-time payments system in the U.S. And maybe move the Fed in their preferred direction. It flew in on Dec. Here’s where the canary flew in.

Faster Payments 77

Faster Payments Same Day ACH Fed Real Time Payments 77

PYMNTS

MAY 9, 2016

Bangladeshi police and banking officials say that the connection of SWIFT messaging to a new bank transaction system could have led to the $81 million cyberheist at the central bank of Bangladesh. “The changes caused much more risk for Bangladesh Bank.”

Real Time Gross Settlement (RTGS) 41

Real Time Gross Settlement (RTGS) SWIFT Central Bank Fed 41

PYMNTS

MAY 13, 2016

In light of the events surrounding the $81 million Bangladesh central bank heist, SWIFT has stepped forward to clarify that it does not hold any liability for fraudulent transactions originating from cyberattacks on its customers’ networks. “We urge you to take all precautions.”

Real Time Gross Settlement (RTGS) 40

Real Time Gross Settlement (RTGS) SWIFT Fed Encryption 40

The Payments Association

APRIL 14, 2025

This work has particular relevance for non-bank payment service providers (NBPSPs) and foreign banks, as highlighted at Pay360 by Victoria Cleland, Executive Director for Banking, Payments and Innovation. The project is currently in its second phase, focused on design, feasibility, and experimentation.

Regulations 88

Regulations ISO 20022 Cross-Border Legal 88