Welcome to Innovating Payments' Top 3 News Headlines for the Week of June 30. In this issue, the Federal Reserve Board announced it is extending its public comment period regarding its proposal to expand the operating days of its two large-value payments services, the Fedwire Funds Service and the National Settlement Service. Controversy continues over non-reimbursement policies for victims of fraud involving Zelle and other instant payment tools used by Massachusetts banks. Finally, the PaymentsJoural Podcast takes a deep dive into the benefits of payments data consolidation.
Read on to learn more.
1. Fed Extends Comment Period on Expansion of Payment Services Proposal (Payments Dive)
The Federal Reserve Board is extending its public comment period regarding its proposal to expand the operating days of its two large-value payments services, the Fedwire Funds Service and the National Settlement Service, the central bank said Friday. The Fed originally planned in May to close the comment period on its proposal by July 8, but has now extended the deadline to Sept. 6, 2024. The two services currently operate Monday through Friday, with the exception of holidays, but the Fed is considering running them both daily throughout the year. (Read more.)
2. Mass. Banks Stare Down Zelle Fraud (Banker & Trandsman)
First, the good news: Zelle, the nation's most popular peer-to-peer payment app, has recently implemented technology and policy changes that have improved money-transfer security at banks both big and small. The bad news: Sophisticated bank scammers aren't going away – and nor are controversies over banks' reimbursement policies, or non-reimbursement policies, for victims of fraud involving Zelle and other leading instant-payment tools used by Massachusetts banks. (Read more.)
3. The Competitive Advantages of Payments Data Consolidation (PaymentsJournal)
Payments data has become a crucial cornerstone for any company that processes transactions. Despite the availability of powerful analytics tools, many companies can't leverage the true potential of their payments data because their information is siloed and scattered across multiple systems. In a recent PaymentsJournal podcast, Mike Meeks, Chief Technology Officer at BHMI, Jon Protaskey, Director of Software Engineering at BHMI, and Brian Riley, Co-Head of Payments at Javelin Strategy & Research, discussed the approaches that enable companies to tap into the power of payments data. (Read more.)
What advantages and disadvantages do you see with the Federal Reserve's proposal to expand payment services to run daily throughout the year? How is your financial institution keeping consumers educated about evolving Zelle scams? Payments data consolidation is becoming a hot topic among financial institutions in this age of increasing digitization. How is your financial institution managing and consolidating payments data?
Check back soon for our next issue, which will highlight 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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