Faster Payments Council

SEPTEMBER 17, 2019

Kirstin spoke openly with our membership, addressing questions coming in from our members on topics such as ubiquity, interoperability, and industry collaboration. 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.

FPC 68

FPC FedNow Fed Request for Comment 68

PYMNTS

NOVEMBER 18, 2020

Billings noted that corporate clients are also interested in the data that real-time payments can provide across a multitude of payment types, spanning requests for payments, remittances and other transactions. The “now,” according to the panelists, demands interoperability between rails, which is an eventuality.

Real Time Payments 98

Real Time Payments ISO 20022 Reconciliation Payments 98

Seon

JULY 27, 2023

FedNow works by offering banks, credit unions, and other organizations such as retailers a system where they can utilize instant payment services that go through this core process: The payer (e.g. an employer paying an employee their wages) uses an app provided by their credit union to request the desired payment.

FedNow 40

FedNow Federal Reserve ISO 20022 Fraud Detection 40

PYMNTS

JANUARY 25, 2019

He pointed to RTP — the only real-time payments rail currently available in the U.S. — The rail was built on the ISO 20022 messaging standard, which sends data and payments together. The ability to send a request for payment via RTP can help smooth reconciliation, he noted. . as an example.

Real Time Payments 67

Real Time Payments Federal Reserve RTP TCH 67

PYMNTS

APRIL 14, 2017

Mastercard’s Malhotra said that as the card networks work, “we actually make these payments process within the blink of an eye.” But speed is not enough, he added, as payment rails also need to include better data and widespread availability around the clock and interoperability that can support open use cases.

ACH Network 42

ACH Network ACH Payments ISO 20022 42