Welcome to Innovating Payments Top 3 News Headlines for the week of Jan. 14, 2024. The FedNow® Service is starting the new year strong with 400 participating financial institutions. The announcement comes just a little over a month after the Fed reported it had reached 300 participants at year-end. In other news, Amanda Stewart joins The Clearing House as Chief Marketing Officer. Most recently, she served as America's Head of Corporate Bank Marketing and Brand Management at Deutsche Bank. Finally, the Fed discusses online authentication and how fraudsters exploit gaps.
Read on to learn more.
1. FedNow Service Starts New Year Strong (The Federal Reserve)
The FedNow Service is starting the new year strong with 400 participating institutions! We look forward to continued momentum through 2024 as we work together to make instant payments a reality for businesses and consumers across the country…This page lists participating financial institutions currently live on the service and financial institutions serving as settlement and liquidity providers. Financial institutions that have completed testing and certification will be added to the list once they are live on the service. (View the complete list.)
2. Amanda Stewart Joins The Clearing House as Chief Marketing Officer (The Clearing House)
The Clearing House (TCH), the leading innovator and operator of U.S. payments networks, announced today that Amanda Stewart is joining the company as Senior Vice President and Chief Marketing Officer. Stewart, a marketing and communications expert with 20 years of experience, joins The Clearing House from Deutsche Bank, where she was most recently Americas Head of Corporate Bank Marketing and Brand Management and the Global Marketing Lead for Deutsche Bank's Trust and Agency Services (TAS) business. (Read more.)
3. Online Authentication: When Fraudsters Take Advantage of Gaps (FedPaymentsImprovement.com)
Authentication – using facial recognition, fingerprints, usernames, passwords and other methods – verifies that individuals are authorized to access a platform or system, including their phones, computers, email accounts, online banking services and investment accounts. It is designed to prevent unauthorized users from accessing accounts or devices. However, what happens when a criminal is an authorized user, poses as the authorized user, or manipulates the authorized user to access the system? (Read more.)
What plans does your financial institution have concerning FedNow? How might adding Amanda Stewart to The Clearing House impact the expansion of RTP®? What challenges are your financial institution facing with online authentication and fraudulent activity?
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, APRP
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.