In the new role, Kenneth Montgomery will lead the Fed’s efforts to reduce fraud risk and improve the security and resiliency of the U.S. payments system
As the banking industry moves closer to adopting a faster payments system, bank executives have begun to think through the impact it will have on clients and banks themselves.
The bank consortium is going directly after the business of its former partner Ripple in the middle of their legal battle over an option for digital currency worth $1 billion.
Following an antitrust review that lasted almost a year, the approval would appear to cement The Clearing House's status as the front-runner in a race to modernize the U.S. payments system.
Fifth Third's Melissa Stevens targets millennials with new app. Meanwhile, regulators are accused of ignoring millennials. Plus, a Goldman Sachs wealth manager sues for discrimination.
The central bank said Wednesday that it will assess a range of options regarding its operational role in a modernized payment system, an issue that divides large and small banks.
Dave Sapenaro, first vice president and chief operating officer at the Federal Reserve Bank of St. Louis, will oversee the Fed's payments system improvement initiatives.
A task force convened by the Federal Reserve released its evaluations last week of 16 proposals to build a faster U.S. payment system. What follows is a brief look at some of the plans that received high marks.