Clearly Payments

MARCH 18, 2024

Let’s delve into the key factors contributing to this decline: Shrinking Market Share: According to studies conducted by the Federal Reserve, cash usage has been on a steady decline. Data from the Federal Reserve reveals a stark reality—only 60% of businesses in the United States currently accept cash.

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PYMNTS

DECEMBER 16, 2019

Google sent a letter to the Federal Reserve , asking the U.S. central bank to consider modeling FedNow after the Unified Payments Interface (UPI) framework used in India, The Economic Times (ET) reported on Sunday (Dec.

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PYMNTS

AUGUST 14, 2020

A week after details of the Federal Reserve’s instant payment initiative emerged, news came via Bloomberg that the central bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Legal issues include whether a CBDC would have status as legal tender.

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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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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

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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Faster Payments Council

MARCH 15, 2023

FedNow may not interoperate with RTP, and it doesn't seem to be a priority for either. The Federal Reserve is close to launching FedNow. Panelists will provider perspectives on correspondent banking strategies. These projects are taking different implementation approaches. What are your options?

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FPC ISO 20022 Cross-Border Payments Cross-Border 88

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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PYMNTS

OCTOBER 12, 2020

In an interview with Karen Webster, Boston Federal Reserve Chief Operating Officer and FedNow Program Executive Ken Montgomery said the central bank’s ambitious payments initiative remains on track — and will inject competition into the instant payments market. Looking Toward Interoperability And Scale .

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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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Faster Payments Council

SEPTEMBER 12, 2022

Also, check out resources on the FedNow Explorer website and FedNow pilot program. Speakers: Connie Theien, Federal Reserve Financial Services; Gail Hillebrand, National Consumers League; Syed Ejaz, Consumer Reports; Liana Muller, U.S.

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FPC Federal Reserve Cross-Border Payments Faster Payments 88

Payments Source

SEPTEMBER 28, 2020

The central bank must engage core processors, community banks and The Clearing House if it wants to move quickly on building out its FedNow system.

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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.

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PYMNTS

NOVEMBER 8, 2019

Federal Trade Commission (FTC) Commissioner Rohit Chopra wrote a letter to the Federal Reserve saying projects like Libra (Facebook’s proposed cryptocurrency ) illustrate the need for the bank to develop a real-time payments service, according to reports. Chopra also took the time to criticize Libra.

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PYMNTS

NOVEMBER 8, 2019

Federal Trade Commission (FTC) Commissioner Rohit Chopra wrote a letter to the Federal Reserve saying projects like Libra (Facebook’s proposed cryptocurrency ) illustrate the need for the bank to develop a real-time payments service, according to reports. Chopra also took the time to criticize Libra.

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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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Payments Source

FEBRUARY 2, 2021

The central bank aims to roll out FedNow sometime in 2023, which is more optimistic than its previous timetable. The official leading the project noted progress in developing the infrastructure and its compatibility with private-sector solutions.

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PYMNTS

DECEMBER 17, 2019

Google Offers Advice To The Fed On FedNow. Google sent a letter to the Federal Reserve recommending that the U.S. central bank consider modeling FedNow after the Unified Payments Interface framework used in India. M10 CEO: What Central Banks Want In New Global Payments Rails.

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PYMNTS

OCTOBER 3, 2019

While Philadelphia Federal Reserve Bank President Patrick Harker believes it’s “inevitable” that central banks will eventually issue digital currencies, he warned that the United States shouldn’t be first in line. I am looking at the next five years after that. What comes next?

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Digital Currency Fed Federal Reserve Central Bank 55

Payments Source

AUGUST 30, 2019

Crypto technology will play a major role in the central bank's real-time payments system.

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PYMNTS

AUGUST 13, 2019

Federal Reserve’s announcement that it will launch its own real-time payment and settlement system called FedNow. The much-awaited decision dismayed large banks that regard a government-run system as unnecessary competition with their own real-time rail, The Clearing House’s Real Time Payments (RTP).

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PYMNTS

JANUARY 29, 2021

FedNow Details Pilot Program Participants. The Federal Reserve said this week that over 110 organizations, with the inclusion of processors and financial institutions (FIs), are taking part in the test effort for FedNow, the instant payments offering that is at least a few years away. Trackers and Reports.

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PYMNTS

JULY 22, 2020

The opportunity to wield richer transaction data in real time has become a key focus for governments, central banks and financial service providers as they press forward in their real-time payment initiatives. In the U.S., adoption remains muted compared to other markets like the U.K.

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Real Time Payments FedNow Payments Faster Payments 90

PYMNTS

MARCH 3, 2020

while in Brazil , the central bank is eyeing business payments as a segment that can significantly benefit from the country’s new instant payment scheme that will debut later this year. The Instant Payment System (SPI) will centralize settlements for PIX, reports noted, with participation mandatory for all FIs in the country.

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Innovation Faster Payments Instant Payments Payment APIs and Integration 52

Faster Payments Council

MARCH 30, 2022

Speakers: Marisa Parella, Federal Reserve; Mark Ranta, Alacriti; Sherri Reagin, North Salem State Bank; Elspeth Bloodgood, Jack Henry & Associates 1:40pm-2:20pmCT: Panel Session – Fin+Tech = Unlocking Limitless Potential (Louisiana Ballroom) Fintech solutions are not a one-size-fits-all approach.

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FPC Faster Payments Cross-Border Financial Inclusion 88

PYMNTS

NOVEMBER 3, 2020

Reports in American Banker said more smaller financial institutions (FIs) are choosing not to wait for the Federal Reserve 's FedNow instant payments network launch, and instead are working with FinTech partners to loop into existing real-time payments capabilities. Smaller FIs Drive Real-Time Demand.

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Payments Source

SEPTEMBER 25, 2019

One Republican lawmaker went so far as to suggest that Congress should try to block the central bank's effort, but Democrats said FedNow will promote competition in real-time payments.

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PYMNTS

AUGUST 11, 2020

And though the election is months away, and official party platforms have yet to be adopted, there are some hints as to what might be on the horizon for financial services — chiefly, as concerns the central bank (the Federal Reserve) and banking in general, or at least some parts of banking.

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