Welcome to the Innovating Payments Top 3 News Headlines for the Week of September 29.
The U.S. Faster Payments Council (FPC) issued a new guideline to help financial institutions implement instant payment capabilities. The guideline covers key operational areas, including liquidity, fraud prevention, compliance, user experience, and interoperability. The document is available through the FPC's Faster Payments Knowledge Center.
Meanwhile, at Sibos 2025 in Frankfurt, Germany, Christopher J. Waller, a member of the Federal Reserve Board of Governors, said that he believes we are entering a new era of innovation in payments and the overall financial system. "As we enter the next frontier, let us remember that this is not a new story, and we should not fear new technologies or new types of providers," Waller told the audience in this speech.
Finally, the FTC reached a landmark settlement with Amazon, Senior VP Neil Lindsay, and VP Jamil Ghani over claims of unauthorized Prime enrollments and obstructive cancellation practices. Amazon must pay a $1 billion penalty, issue $1.5 billion in consumer refunds, and end deceptive Prime subscription tactics.
Read on to learn more.
1. U.S. Faster Payments Council Publishes New Guideline for Instant Payment Sending Capabilities (U.S. Faster Payments Council)
The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today announced the release of its latest industry resource, Operational Considerations for Sending Instant Payments Guideline. Produced by the FPC's Operational Considerations Work Group (OCWG), sponsored by Endava, the resource provides financial institutions (FIs) with best practices and detailed guidance for successfully implementing instant payments sending capabilities. (Read more.)
2. The Next Frontier of Payments Innovation-Speech by Governor Christopher J. Waller (Fed)
Thank you for inviting me to speak here today. The theme for Sibos this year, "the next frontiers of global finance" is a fitting one. We are indeed witnessing a new frontier of innovation in payments and the broader financial system. New technologies like distributed ledgers, tokenized assets, smart contracts, and artificial intelligence (AI) have the potential to make payments smarter, faster, and more efficient. I know many of you in the audience today represent firms that are using the latest cutting-edge advances to bring new global solutions to the market. (Read more.)
3. FTC Secures Historic $2.5 Billion Settlement Against Amazon (FTC)
The Federal Trade Commission has secured a historic order with Amazon.com, Inc., as well as Senior Vice President Neil Lindsay and Vice President Jamil Ghani, settling allegations that Amazon enrolled millions of consumers in Prime subscriptions without their consent, and knowingly made it difficult for consumers to cancel. Amazon will be required to pay a $1 billion civil penalty, provide $1.5 billion in refunds back to consumers harmed by their deceptive Prime enrollment practices, and cease unlawful enrollment and cancellation practices for Prime. (Read more.)
Do you agree with Federal Reserve Board Governor Christopher J. Waller that the payments industry is entering a new era of innovation? How is this playing out in your financial institution?
Check back soon for our next issue, which will again 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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