News and Info
Federal Reserve Banks Pause Fedwire® Funds Service’s Migration to ISO® 20022 Messages to Assess Industry Request
Based on a recent industry request to revisit the ISO 20022 migration strategy, the Federal Reserve Banks announced a pause in their previously announced plans for a three-phased migration to the ISO 20022 messaging standard for the Fedwire Funds Service. As a result, Phase 1 will not be implemented in November 2020. The Federal Reserve Banks will provide an update regarding their implementation plans once the assessment is complete.
Responses due November 7th
By now, you should have seen news articles regarding The Board of Governors of the Federal Reserve System’s notice and request for comment (RFC) for FedNow. Southern Financial Exchange (SFE) welcomes a chance to respond and supports the Fed’s efforts, but the RFC leaves many questions unanswered. The Fed is seeking comment and direction from the industry, hence SFE recommends that our members actively participate and provide direction. This document is intended to provide Questions and Key Considerations as well as helpful information to consider as FI’s craft their responses. Responses to the Fed are due November 7th.
The payments industry continues to evolve with improvements to network functionality and the introduction of entirely new payment rails. Trends from around the world indicate that momentum for faster payments continues to increase and expand geographically. How are financial institutions in the U.S. responding to this global trend? This study, commissioned by the Center for Payments, surveyed payments association members from across the United States to examine how financial institutions and others are planning or implementing a payments strategy and adopting new technologies, like faster payments solutions. A deeper dive into the survey responses demonstrated differences in financial institutions of various asset sizes.
Federal Reserve Announces Plan to Develop a New Round-the-Clock Real-Time Payment and Settlement Service to Support Faster Payments
The Federal Reserve Board on Monday announced that the Federal Reserve Banks will develop a new round-the-clock real-time payment and settlement service, called the FedNow℠ Service, to support faster payments in the United States. The Board anticipates the FedNow℠ Service will be available in 2023 or 2024. They are now requesting comment on how the new service might be designed to most effectively support the full set of payment system stakeholders and the functioning of the broader U.S. payments system.
October 23-24, 2019