Innovating Payments News: Weekly Top 3

Welcome to this week's issue of "Innovating Payments News: Weekly Top 3." In this issue, we hear from Dan Anthony, chief information officer for the Federal Reserve's FedNow Service, who shares what banks can do now to prepare for real-time payments. Also in the news, Federal Reserve chair Jerome Powell makes it clear he's not a fan of digital coins, especially stablecoins, while testifying on Capitol Hill. But he does make a case for a central bank digital currency. And according to PYMNTS.com, when it comes to payments digitization, there's more to the story for B2B companies than understanding the growing importance of modernization.

Read on to learn more. 

1.  5 Questions with FedNow CIO Dan Anthony
     FedNow tech leader shares what banks need to know to prepare for real-time payments (Bank Automation News) 

The large scope of building a national real-time payment system is what strikes Dan Anthony, chief information officer for the Federal Reserve's real-time payment program, FedNow Service. The native of New Zealand points out that while his home country tends to be more progressive about banking technology, it manages only a handful of banks. New Zealand does not yet offer real-time payments, but in the U.S., FedNow must bring more than 10,000 financial institutions on board for a national real-time payment infrastructure. (Read more.)
 

2. Data Integration Takes B2B Payments Modernization to The Next Level (PYMNTS.com)

Whether it's the proliferation of B2B marketplaces finally embracing online payments, or the gradual migration away from paper checks as buyers and suppliers grow more comfortable with ACH, there are plenty of signs of B2B payments' willingness to evolve. In the U.S., with paper checks still so prevalent, the adoption of electronic payments technologies is undeniably a step in the right direction. For FinTechs and financial service providers, laying the groundwork to lower barriers to that adoption will be key. But the B2B payments arena is also beginning to set its sights on loftier goals beyond mere digitization. (Read more.)
 

3 Why the Fed Hates Cryptocurrencies and Especially Stablecoins (CNBC.com)

Federal Reserve chair Jerome Powell has been testifying on Capitol Hill this week, and it's pretty clear that he is not a fan of digital coins – especially stablecoins. During a two-day congressional hearing, the Fed chief said the main incentive for the U.S. to launch its own central bank digital currency, or CBDC, would be to eliminate the use case for crypto coins in America. "You wouldn't need stablecoins; you wouldn't need cryptocurrencies, if you had a digital U.S. currency," Powell said. "I think that's one of the stronger arguments in its favor." (Read more.)

What about you? How is your financial institution preparing for real-time payments? What's your financial institution's take on cryptocurrencies? Finally, how is your organization using data integration to modernize payments? Share your thoughts in the space below.

To learn more about developments like these, visit our Innovating Payments website. There you can find articles and blog posts addressing today's most pressing issues, opportunities to discuss important topics in our discussion forum, and educational resources to support you every step of the way.

Don't forget to check back every Wednesday for the week's latest news and developments.

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