Welcome to NEACH's Innovating Payments Top 3 News Headlines for the Week of Feb. 26. In this issue, the Federal Reserve announced its FedNow® service reached a new milestone: 500+ participating financial institutions. Meanwhile, the ACH Network showed strong growth in 2023 as Same Day ACH surpassed 3 billion payments since inception. A new study, released by PYMNTS and Hawk AI, revealed that FIs are cooling toward open banking but staying the course on real-time payments.
Read on to learn more.
1. FedNow® Reaches New Milestone-500 Participants (LinkedIn)
According to the Federal Reserve Financial Services LinkedIn page, "The FedNow Service reached a new milestone: 500+ participating financial institutions! Strong network growth enables widespread access to instant payments for businesses and consumers across the country." A list of participating financial institutions is available by clicking on the link. (Read more.)
2. ACH Network Records Strong Growth in 2023 as Same Day ACH Surpasses 3 Billion Payments Since Inception (Nacha)
Led by strong growth in Same Day ACH and business-to-business (B2B) payments, the ACH Network securely handled 31.5 billion payments valued at $80.1 trillion in 2023. Payment volume for the year was up 4.8% from 2022 while payment value grew 4.4%. 2023 marked the 11th consecutive year in which ACH Network value has increased by more than $1 trillion. (Read more.)
3. How Fraud Fears Impact FIs' Adoption of Faster Payment Solutions (PYMNTS)
Forty-six percent of FIs say the fraud risks of providing open banking outweigh the benefits, but the share of skeptics rises to 57% among FIs that experienced increased fraud. PYMNTS Intelligence's latest study of 200 FI execs, "How Fraud Fears Impact FIs' Adoption of Faster Payment Solutions," a collaboration with Hawk AI, details why FIs are cooling toward open banking but staying the course on real-time payments. (Read more.)
Where is your financial institution in its instant payments journey? How much Same Day ACH growth did your financial institution see in 2023? What is your financial institution's stance on open banking and real-time payments?
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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