Fed, TCH joust over interoperability
Payments Dive
MAY 7, 2024
When it comes to bridging the FedNow and RTP networks, officials at the Federal Reserve and The Clearing House have slightly different priorities.
ISO 20022 migration pushed back to July 14
Bank Automation
FEBRUARY 19, 2025
The Federal Reservehas rescheduled the Fedwire Funds Services adoption of the ISO 20022 message format to July 14, 2025. This single-day implementation aims to enhance the efficiency and interoperability of high-value payment systems. It was to be implemented on March 10.
ISO 20022 
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Trending Sources
SNEAK PEAK: PAY360 state of payments survey 2024 findings revealed
The Payments Association
APRIL 7, 2025
The industry must focus on technological investments, enhancing security, and addressing regulatory and interoperability challenges to stay competitive. Furthermore, the survey highlights the key challenges faced by the industry, such as cyber-security threats and the need for interoperability between different payment systems.
U.S. Faster Payments Council Welcomes Federal Reserve as Founding Sponsor
Faster Payments Council
DECEMBER 4, 2019
Faster Payments Council (FPC), a membership organization exclusively devoted to advancing faster payments in the United States, today announced that the Federal Reserve System has joined the FPC as a founding sponsor. payments system faster, more secure, and more efficient.
Smarter Payments Tracker Eyes Interoperability
PYMNTS
AUGUST 1, 2019
In the latest Smarter Payments Tracker , PYMNTS takes a deep dive into the challenge of interoperability in achieving better cross-border payments services and experiences. In the public sector, corporates and government entities are also collaborating in pursuit of interoperability. Across the pond, meanwhile, the U.S.’s
Faster Pay's Interoperability Problem Isn't Going Away
Payments Source
OCTOBER 12, 2016
CHICAGO -- At some point, the Federal Reserve Bank's three-year journey to create a faster payments system in the U.S. will run head long into one of its major challenges -- making sure it can operate within all networks.
Faster payments become 'must have,' but interoperability still lags
Payments Source
DECEMBER 9, 2020
Faster payments haven't always lived up to the hype and promise because of development and adoption stagnation in the U.S., but the idea of speedier transactions is becoming more popular.
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Will Central Bank Digital Currencies (CBDCs) Impact Cross-Border Payments in 2024?
The Fintech Times
FEBRUARY 26, 2024
These include the translation of currency values into digital form, ensuring settlement times and interoperability in payments, meaning the industry will need to consider alternative solutions.” “The Federal Reserve , Bank of Canada , and Bank of England are studying CBDCs, and there are challenges in each country.
Big Tech Companies Throw Support Behind Fed Creating Real-Time Payments Network
PYMNTS
DECEMBER 18, 2018
led by the Federal Reserve. Only the Federal Reserve can serve as the catalyst to achieve real-time payments ubiquity in a timely manner,” the tech companies said in the letter. to speed up payments. to speed up payments. That hasn’t been adopted by smaller financial firms, noted the report.
Banking Circle Group Joins the Financial Technology Association
Fintech Finance
JULY 9, 2024
Companies like Banking Circle are powering banks and fintechs with seamless, interoperable solutions to transact across borders.” “We “We are thrilled to welcome Banking Circle to our community of leading fintech companies at an exciting time as they expand their operations in the U.S.,”
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FPC 2024 Fall Member Meeting
Faster Payments Council
AUGUST 23, 2024
In response, the Federal Reserve formed a scams definition and classification work group of payments and fraud experts to provide a more consistent foundation for scams reporting to help the payments industry better understand and mitigate the problem. 14 seconds. Speakers: Laura Sullivan, Form3; Kenneth T.P.
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The Clearing House On The Race for Real-Time Payments In The US
PYMNTS
AUGUST 10, 2020
But it might not be the Federal Reserve ’s doing. Federal Reserve, where details (a roadmap, really) of FedNow , the proposed instant payment system, were released earlier this month. Real time is getting ever closer to prime time. You’d be forgiven for thinking that faster payments might be the purview of the U.S.
Deep Dive: Cross-Border Payments Interoperability
PYMNTS
AUGUST 1, 2019
Such experiences require payments interoperability, which can be a significant challenge due to changing technologies and regulations. Many initiatives are currently underway around the globe to push such efforts along, meaning interoperability may not be as far off as once thought. What is payments interoperability?
Congress Presses Fed On Real-Time Payments Plan
PYMNTS
SEPTEMBER 27, 2019
The Federal Reserve’s buildup to faster payments innovation came to a head in August when it announced FedNow , its proposed real-time payments infrastructure under the draft Payments Modernization Act of 2019. Competition and Interoperability. Only the Federal Reserve can guarantee competition and choice.
Federal Reserve’s Cunha on the State (and Timeframe) of Digital Dollars
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. Interoperability Is Key. To get there, interoperability is key, said Cunha.
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Bahamas Launches Digital Sand Dollar; Adds To Rise Of Central Bank Digital Currencies
PYMNTS
DECEMBER 18, 2020
The EMTECH Modern Central Bank Sandbox will assist central banks in setting up digital currency that’s interoperable and thus can be converted to other cryptocurrencies, and is compatible with payment devices and terminals worldwide. Trade and commerce happen across borders, and conversion from, say, digital yuan to digital dollars is key.
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Deep Dive: Weighing The Federal Reserve’s Faster Payments Proposal
PYMNTS
FEBRUARY 4, 2019
percent, according to Federal Reserve data. Use of Same Day ACH (SDA) — overseen by NACHA (The Electronic Payments Association) and the Federal Reserve — has risen. The Federal Approach. Against this backdrop, the Federal Reserve proposed creating its own real-time payments service in October 2018.
The Lures – And Challenges – Of Central Bank Digital Currencies
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. The Federal Reserve Bank has been exploring a digital currency.
FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition
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 .
FPC 2023 Spring Member Meeting
Faster Payments Council
MARCH 15, 2023
Whether we will see these services gain traction is tied to what many believe to be a major hurdle–interoperability. 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. Some banks may not be able to connect to both.
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FPC 2022 Fall Member Meeting
Faster Payments Council
SEPTEMBER 12, 2022
The panel will discuss issues such as security, governance, and interoperability as well as concerns that the U.S. In this session, FPC QR Code work group leaders address the call to action for payment industry standards needed for universal acceptance and interoperability of QR codes.
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Fed Says America Needs Instant Payments As Soon As Possible
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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FPC 2023 Fall Member Meeting
Faster Payments Council
SEPTEMBER 23, 2023
Join the Federal Reserve and a panel of early adopters to hear how they built their business cases for the FedNow Service and the lessons learned on their journey towards implementation. Here our experts discuss the challenges and opportunities for establishing interoperable directory capabilities in the United States.
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Business Payments Coalition Asks For Input On eInvoicing Initiative
PYMNTS
SEPTEMBER 11, 2020
The Federal Reserve is collaborating with the BPC to organize a program to last multiple years with those in the industry to evaluate and offer suggestions for a digital invoicing exchange blueprint for the domestic market, according to the announcement.
SNEAK PEEK: PAY360 state of payments survey 2024 findings revealed
The Payments Association
APRIL 7, 2025
The industry must focus on technological investments, enhancing security, and addressing regulatory and interoperability challenges to stay competitive. Furthermore, the survey highlights the key challenges faced by the industry, such as cyber-security threats and the need for interoperability between different payment systems.
Fed’s Sapenaro On How To Forge Ahead With Payments Innovation
PYMNTS
AUGUST 31, 2017
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.
gpi Makes SWIFT Cross-Border Gains
PYMNTS
DECEMBER 20, 2018
Separately, tech giants are following on the heels of Target and Walmart in asking the Federal Reserve to boost efforts that would let interbank transfers be settled in real time, around the clock. Upon universal adoption, the thousands of banks joining the service will be able to offer same-day payments with full tracking.
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Top News In Payments: Indian FinTech ZestMoney Raises $15M; Fed’s Brainard Warns Of Crypto Risks
PYMNTS
DECEMBER 19, 2019
In today’s top news, Indian FinTech ZestMoney raises $15 million, the latest in a $63 million Series B funding round, and Federal Reserve Gov. Plus, Apple, Amazon, Google and the Zigbee Alliance are teaming up to make smart homes interoperable. Federal Reserve Gov. Lael Brainard on Wed.,
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The Challenges And Benefits Of ISO 20022 Migration
PYMNTS
AUGUST 15, 2019
Interoperability And Adoption . ISO 20022 supports interoperability between various financial systems, an important factor as a rising number of major players are adopting the standard and pushing other FIs to follow suit. Federal Reserve and TCH, Europe’s Eurosystem and EBA CLEARING and the U.K.’s Hurdles And Supports
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58 Citizens Bank’s Corporate Real-Time Payments Play
PYMNTS
JANUARY 25, 2019
Federal support could also come from a proposed real-time liquidity management tool. The Federal Reserve has suggested that it could create this offering, which would settle payments between Fed-held bank accounts in real time. Federal Reserve Proposals.
How Treasurers Can Prepare For A Real-Time Payments Ecosystem
PYMNTS
AUGUST 3, 2020
But what’s key is that these systems can interoperate and coexist with each other, said Long, adding that companies like Avanti should act as a bridge between these two ecosystems to support their coexistence. “This is not a short-term prospect,” said Long. “But having an alternative is important.
Fed Looks To Keep Momentum Going On Payments Improvements
PYMNTS
SEPTEMBER 7, 2017
It’s been more than two years since the Federal Reserve issued its Strategies for Improving the U.S. Now, the Federal Reserve wants to keep the momentum going. 6), it announced the publication of its follow-up paper, Federal Reserve Next Steps in the Payments Improvement Journey. On Wednesday (Sept.
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And now, the hard part of the Fed’s path to real-time payments
Payments Source
AUGUST 5, 2019
Addressing payment security and achieving interoperability with a rival, private-sector network are just some of the challenges the central bank faces in building a government-backed real-time payment system.
The Impact of FedNow on the US Payments Landscape
Segpay
JUNE 13, 2024
Last year, the Federal Reserve launched FedNow, an instant payment service expected to revolutionize the US payment landscape. The Federal Reserve’s goal is to achieve wide adoption of FedNow over time, much like the Fedwire ® Funds Service and FedACH ® Services. What is FedNow?
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FPC Draws Member Input with Town Halls on FedNowSM
Faster Payments Council
SEPTEMBER 17, 2019
We were thrilled to have upwards of 100 of our members on the line to hear directly from Kirstin Wells, principal economist at the Federal Reserve Board. Kirstin spoke openly with our membership, addressing questions coming in from our members on topics such as ubiquity, interoperability, and industry collaboration.
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68 Blockchain Tracker: Prizes And Regulations, Do They Mix?
PYMNTS
OCTOBER 12, 2016
Recently, the Federal Reserve’s Lael Brainard said that the U.S. Federal Reserve is paying close attention to blockchain. Experts like Halbertsma say the industry is working through technology solutions for challenges like interoperability, privacy and others.
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What Australia Can Teach The World About Real-Time Payments
PYMNTS
JANUARY 2, 2019
a number of leading tech companies have become vocal in their support of a real-time payments (RTP) network, to be created under the leadership of the Federal Reserve and different from what has been previously proposed by the big banks. In a recent example, in the U.S., There is definitely room for coexistence,” he said.
Community Banks Embrace Faster Payments’ Competitive Edge
PYMNTS
JANUARY 6, 2020
With the Federal Reserve approving the merger between banks SunTrust and BB&T last month , some analysts believe market consolidation will continue into the new year. According to data from the Conference of State Bank Supervisors, the number of community banks in the U.S. has dropped from 8,000 in 2004 to about 5,400 in 2018.
Finastra Boosts Its Payments Processing Strategy with Fed Certification for ISO 20022
Fintech Finance
MAY 13, 2024
Finastra , a global provider of financial software applications and marketplaces, today announced it has completed testing and certification through the Federal Reserve for ISO 20022, becoming one of the first vendors in the industry to complete the process for multiple solutions.
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The Fed's invoice guidance avoids Europe's mistakes
Payments Source
MARCH 21, 2018
businesses, and boosts interoperability by avoiding the myriad standards found in Europe, writes Roger Hatfield, vice president of North America for CloudTrade. The Fed's catalogue lays the foundations for an invoice standard to accelerate the adoption of electronic invoicing by U.S.
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62 Faster Payments And The Fed, Two Years On
PYMNTS
NOVEMBER 15, 2017
The year 2020 looms large in the payments realm, marked off by the Federal Reserve as the year faster payments are to be truly commonplace, available to U.S. consumers and to businesses, standard practice across transactions of all sizes. David Sapenaro, first vice president and chief operating officer of the St.
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Payment Rails Present Many Paths To B2B Payments Optimization
PYMNTS
MAY 12, 2020
Others, including the Federal Reserve, are establishing entirely new payment rails that aim to improve B2B workflows from the ground up. The Federal Reserve Banks have recently announced the formation of a new community around its upcoming real-time payment rail, the FedNow Service. Deluxe Preserves The Check Workflow.
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A Comprehensive Guide to FedNow
Payment Savvy
MAY 15, 2023
The Federal Reserve Bank is currently developing a new instant payment service called “FedNow” that will allow financial institutions to make instant payments. Interoperability FedNow intends to work seamlessly with other payment networks. The FedNow Service will begin operating in July 2023 and it is the first U.S.
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When Employee Debt Becomes Employers’ Stress
PYMNTS
APRIL 25, 2019
While the Federal Reserve deliberates on whether it will create its own real-time payment (RTP) system, The Clearing House (TCH) is working to head off the competition by making a stronger case for its RTP being the best path to real-time payment ubiquity in the U.S. Read more in the Tracker.
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