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Published on Monday, October 30, 2023

Innovating Payments Top 3 News Headlines for the Week of Oct. 29

Welcome to Innovating Payments Top 3 News Headlines for the Week of Oct. 29. According to a new study from Fenergo, FedNow®, while beneficial, has faced a host of fraud prevention challenges, security protocols, and regulatory compliance within the FinTech payments sector. In other news, the 2023 AFP® Real-time Payments Survey found that corporates plan to drastically increase their use of real-time payments. Meanwhile, Fed Vice Chair Michael S. Barr calls for stablecoin regulation and highlighted ongoing research regarding a Central Bank Digital Currency (CBDC).

 

Read on to learn more. 

 

1.  Fenergo Study: Emerging Risks in US Fintech Payments Since FedNow's Launch (Businesswire)

Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management (CLM), today released its study of emerging risks in the fintech payments sector since the launch of FedNow. Surveying high-level risk and compliance officers across fintech payment companies, including P2P payments platforms, mobile payment apps, digital/virtual asset service providers, and more, Fenergo's analysis reveals that the swift pace of real-time payments, while beneficial, introduces significant challenges in fraud prevention, security protocols, and regulatory compliance. (Read more.)

 

2. AFP Survey Reveals Over 75% of Businesses Will Utilize Real-Time Payments in Next 5 Years (The Clearing House)

The 2023 AFP® Real-time Payments Survey, conducted by the Association for Financial Professionals® (AFP), found that corporates plan to drastically increase their use of real-time payments in the next five years to benefit from lower transaction costs, improved transparency into the payment process, increased efficiency, and better cash flow. The Research Department of AFP surveyed corporate treasury practitioners about their current and planned use of real time payments. (Read more.) 

 

3.  Fed Vice Chair Michael S. Barr Calls for Stablecoin Regulation (PYMNTS)

Michael S. Barr, vice chair for supervision at the Federal Reserve, addressed the increased experimentation with new payment technologies, such as stablecoins and central bank digital currencies (CBDCs), on Friday (Oct. 27). During the Economics of Payments XII Conference held at the Federal Reserve Board in Washington, D.C., Barr emphasized the need for regulation when it comes to stablecoins and highlighted ongoing research regarding CBDC, according to opening remarks released by the Federal Reserve. (Read more.)

 

What steps can you take as a financial institution to address potential challenges in the FinTech sector with FedNow? How prepared is your financial institution to meet corporates' plan to drastically increase their use of instant payments in the next five years? What are your thoughts on Fed Vice Chair Barr's comments on stablecoin regulation?

 

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.

 


#IndustryNews
#NewNormal

 

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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