Welcome to Innovating Payments Top 3 News Headlines for the Week of Dec. 25. In this issue, Forbes predicts that payments will once again be top of mind for FinTechs, merchants, and consumers alike, but for different reasons. Speaking of payments, with the launch of the FedNow(SM) Service just a few months away, financial institutions and service providers around the country are preparing for the future of instant payments. Also in the news, the Bank Policy Institute (BPI) and The Clearing House (TCH) commented on two Financial Stability Board (FSB) consultative reports outlining approaches or the oversight and regulation of digital assets and global stablecoin arrangements.
Read on to learn more.
1. In 2023, Payments Will Once Again Be Top Of Mind For Fintechs (Forbes)
The pandemic has brought payments into the spotlight over the past three years. Venture capital flowed in; digital payments adoption and usage ticked up; and investments in digital payments meant the difference for merchants and payments players between swiftly adapting to new realities or scrambling to stay afloat. In 2023, payments will once again be top of mind for fintechs, merchants, and consumers alike, but for different reasons. Read more.
2. Pioneers of Now: Instant Payments Enthusiasm from Across the Industry (Fed Payments Improvement)
With the approaching launch of the FedNowSM Service in 2023, financial institutions and service providers around the country are preparing for the future of instant payments. The Federal Reserve's Pioneers of Now series highlights leaders from these organizations working toward early adoption of the FedNow Service. Read each pioneer's advice for organizations considering and planning for instant payments, their outlook for the future, and what use cases they are most looking forward to. Read more.
3. BPI and TCH Support Global Blueprint for Digital-Asset Oversight (The Clearing House)
The Bank Policy Institute (BPI) and The Clearing House (TCH) commented today on two Financial Stability Board (FSB) consultative reports outlining approaches for the oversight and regulation of digital assets and global stablecoin arrangements, respectively. TCH and BPI support the FSB's 19 recommendations in the consultative reports and its efforts to balance responsible innovation with comprehensive, clear and consistent rules. Read more.
With payments a continued FinTech focus in 2023, how can you leverage new opportunities for strategic partnerships to meet shifting consumer needs? The launch of FedNow is just months away. What steps will you take to plan for the future of instant payments? What are your thoughts about outlining approaches for the oversight and regulation of digital assets and global stablecoins?
Check back soon for our next issue, highlighting the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.
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AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.
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