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Same Day ACH, the fasterpayments initiative for banks and other financial institutions in the United States, seems to be popular. still has a long way to go and plenty of fasterpayment lessons to learn. still has a long way to go and plenty of fasterpayment lessons to learn. But the U.S. But the U.S.
Federal Reserve is turning heads for its attention to fasterpayments, but the Fed has recently announced yet another initiative in the payments innovation space. Last week, the Fed’s SecurePaymentsTaskForce called for comment from industry stakeholders about what challenges they face when it comes to paymentssecurity.
Kenneth Montgomery will chair the SecurePaymentsTaskForce, which is comprised of more than 200 industry stakeholders who are working on a fasterpayment system in the U.S.
Federal Reserve System has appointed its PaymentsSecurity Strategy leader, the agency announced Friday (Dec. He will lead the Fed’s initiative to address payments fraud risk and boost the security of payments in the U.S. Treasury and financial market, among other responsibilities.
With the financial services space shifting from a competitive nature to a collaborative spirit between traditional banks and emerging FinTechs, one major stakeholder in the payments industry has quietly been an integral part of this co-op: the Federal Reserve. Louis, as its new payments strategy director.
financial players active in the payment infrastructure, is a government-backed mandate necessary to keep these various entities on the same page? That’s a question the Federal Reserve FasterPaymentsTaskForce is considering as it looks at ways to make U.S. fasterpayments safer and more efficient.
Through the collaborative efforts of those with backgrounds in payments and security, the Federal Reserve’s SecurePaymentsTaskForce has published “Payment Lifecycles and Security Profiles.” payment system and keeping pace with the rapidly evolving and expanding threat environment.”.
Payment System paper, in which the Fed outlined initiatives for the payments industry and its stakeholders to promote progress. For the Fed, progress means improving the speed, security and efficiency of the payments system, and to focus on international payments capabilities and promote collaboration within the field.
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