Welcome to the August 2026 Innovating Payments Executive Summary.
In this issue, we’re diving into harbingers of change. For one, the Federal Reserve announced that it is gearing up for cross-border payments and request for payment with FedNow® this fall. The Fed also unveiled a new account takeover fraud mitigation toolkit and updates to existing check fraud mitigation and scam mitigation toolkits. In regulatory news, the Consumer Financial Protection Bureau (CFPB) submitted for interagency review a Request for Information (RFI) regarding “Credit Card Late Fees and Late Payments.”
In other news, Nacha reported 30% growth in Same Day ACH transactions, contributing to an overall network growth of 6.2% in Q2.
Meanwhile, digital assets are continuing to make waves with Wells Fargo planning to launch tokenized deposits in the fall, and blockchain company Tassat’s CEO pointing out that smaller financial institutions are missing the (deposit) mark when considering stablecoin.
In a mind-blowing market development, Reuters reported that Stripe and Advent International made a play to acquire PayPal. Other industry news highlights that Visa launched agentic AI for FIs to leverage within their apps.
And while the industry seems to be evolving in every area, fraud remains a constant. That’s why NEACH is convening the virtual End-User Payments Fraud Symposium, taking place virtually 9:30 am – 12:30 pm ET, on September 22 and 23. We’ll address topics from both a business and FI perspective—and your business customers/members can attend free when registered by an FI.
Read on to learn more.
Top Headlines
Federal Reserve plans for FedNow cross-border and request for payment functionality
Celebrating three years since its launch, FedNow is gearing up for what’s next. In a piece shared by the Federal Reserve that both reflects on the journey and teases what’s next, Nick Stanescu discussed the network’s growth and new functionality that will be enabled this fall, namely cross-border and request for payment (RFP).
“Our enhanced ISO® 20022 message formats, which will be available for participants to use beginning this fall, lay the groundwork for the FedNow Service to expand beyond its original domestic-only framework,” said Stanescu in the summary.
He went on to discuss request for payment (RFP) functionality, indicating, “RFP can transform billing, collections and cash flow by allowing billers to send instant payment requests that speed up settlement and simplify reconciliation. To accelerate adoption, we’re launching an RFP pilot later this year with a small consortium of financial institutions, including several smaller financial institutions that are leading innovation in this space.”
Read the full summary from the Federal Reserve here.
The Federal Reserve unveils a new account takeover fraud mitigation toolkit and enhancements to check fraud and scams mitigation toolkits
To address growing fraud sophistication and support the industry in mitigating its impacts, the Federal Reserve unveiled a new Account Takeover Fraud Mitigation Toolkit. The toolkit includes 2 modules: 1. Account Takeover Fraud Basics and 2. How Account Takeover Fraud Happens. In addition, the Fed made enhancements to its existing Check Fraud Mitigation Toolkit and Scams Mitigation Toolkit by adding resources and interactive “check your knowledge” quizzes.
“Education plays an important role in building a strong, layered defense against fraud. When it comes to account takeovers, scams, and check fraud, informed customers and staff can make a difference across the payments ecosystem,” said Mike Timoney, Vice President of Payments System Improvement, Federal Reserve Financial Services in the blog post announcing these new resources.
Access the new and newly updated toolkits here.
The Consumer Financial Protection Bureau Plans RFI on Credit Card Fees and Late Payments
The Office of Information and Regulatory Affairs (OIRA) has reported that the CFPB has submitted for interagency review a Request for Information (RFI) regarding “Credit Card Late Fees and Late Payments.”
An analysis from law firm Ballard Spahr notes that although the contents of the RFI have not been made public, the development is specific. It speculates one of three scenarios for the meaning behind the effort: 1. The Bureau may simply wish to update the factual record; 2. the Bureau may be exploring whether there are narrower regulatory approaches that would be less vulnerable to the legal criticisms directed at the 2024 rule; or 3. the Bureau may be responding to broader policy concerns about the affordability of consumer credit.
In its summary, the firm states, “Credit card late fees have remained a high-profile policy issue since the CFPB first launched its 2022 inquiry, and the Bureau’s decision to revisit the subject—despite abandoning the Biden Administration’s 2024 rule—suggests that regulation of late-payment practices remains on the agency’s docket, even though it doesn’t appear on the agency’s recent regulatory agenda.”
Read the summary from law firm Ballard Spahr here. NEACH will continue monitoring for the release of the RFI and share it with members as it becomes available.
Nacha
Nacha reports Q2 volume growth
ACH Network growth continues: Nacha reported Q2 network volume at 9.3 billion payments that were valued at $25.9 trillion, a respective 6.2% and 11.1% increase over 2025. The ACH Network administrator pointed to growing Same Day ACH volume (up nearly 30%) and business-to-business transaction increases (up approximately 10%) as the biggest contributors to the rise.
“The phenomenal growth of Same Day ACH demonstrates its value as a safe, fast payment method for consumers, businesses and other organizations,” said Jane Larimer, Nacha President and CEO, in a press release. “In 2027, the dollar limit will increase to $10 million, further strengthening Same Day ACH’s position in the market as a compelling faster payment method.”
Read the full press release here.
Digital Assets
Wells Fargo plans to launch tokenized deposits in the fall
Targeting corporate customers, Wells Fargo plans to roll out tokenized deposits this fall, with a limited U.S. dollar (USD) to British pound (GBP) exchange that will expand in 2027 to more clients, countries, and currencies.
According to the news release, this will allow Wells Fargo corporate and commercial customers to access always-on settlement, programmability, and key client protections. It will utilize the bank’s proprietary blockchain platform, which “can support in-house custodial wallets and the bank’s inter-chain connectivity technology in future offerings.”
“Launching tokenized deposits is an important step forward as we expand payment options, including on-chain solutions, for our corporate and commercial clients, who will be able to take advantage of this capability without experiencing any change to how they interface with Wells Fargo,” said bank CFO Mike Santomassimo.
Read the full press release here.
Tassat CEO says regional banks are focused on the wrong stablecoin issues
In an interview with PYMNTS’ Karen Webster, Tassat CEO Glen Sussman focuses not on stablecoin infrastructure, but on the importance of deposits. The conversation speaks about the rush to build for insurance and how that will likely net out for financial institutions.
“Banks need to be focused on building their businesses, not just building pool infrastructure. …When you’re talking about $5 trillion, $10 trillion of stablecoin scale, that giant sucking sound is going to be all the deposits leaving all of the regional and community banks,” said Sussman.
Tassat is a blockchain company, delivering institutional-grade blockchain solutions that enable regulated partners to transact in real time with greater efficiency, speed, and transparency.
To read the full article or watch the video interview, visit PYMNTS.
Industry News
Stripe, Advent make bid for PayPal
The future of PayPal may be up in the air. In mid-July, Reuters reported that Stripe and Advent International made a $53.4 billion bid on the payments giant. According to the report, an initial approach was made back in April and led to the formal proposal.
If the deal goes through, it would “create one of the world's largest global online payments company, processing some $3.7 trillion of annual payment volume,” says the report.
PayPal, Stripe, and Advent declined to comment.
Read the full Reuters story here.
Visa introduces an AI assistant for banking apps
In a move that would allow financial institutions to seamlessly begin integrating agentic AI, Visa announced that it is now offering an AI assistant, dubbed the AI Financial Assistant, as a value-added service. According to a news release, the solution, “helps banks bring AI-powered financial insights to cardholders under their own brand, look and feel with no custom development required.”
“By simply turning on this service, banks can strengthen relationships with their customers and transform from a passive ledger to a generative AI–enabled financial hub,” said Michele Herron, Senior Vice President and Head of North America Value-Added Services at Visa in the release.
Read the full news release here.
NEACH
From regulatory developments and instant payments opportunities to digital asset traction and payments player shifts, this month’s news will have a reverberating impact on the industry as stories continue to unfold. As always, NEACH remains committed to continuing to monitor developments, and not only share them with you, but also support you in interpreting how they will impact your business models and payments infrastructure. We will keep you updated. In the meantime, if you have any questions, please feel free to reach out to the NEACH team at any time.
And regardless of what’s happening in the wider payments environment, fraud always remains a chief concern. That’s why we’re convening virtual End-User Payments Fraud Symposium, taking place virtually 9:30 am – 12:30 pm ET, on September 22 and 23. We will explore the latest fraud schemes and approaches and ways to mitigate risk in today’s environment, and we’ll address topics from both a business and FI perspective. So, register now and invite your business customers/members—they attend free when registered by an FI.
NEACH - New England Automated Clearing House Association is a neutral, member-focused advocate. Our role is to give you the intelligence, context, and connections you need to make informed strategic decisions. We bring together industry leaders, policymakers, and innovators so you can evaluate innovation through the lens of your institution’s mission and market strategy. For more information, visit neach.org.