The central bank is taking a lead role in trying to combat the longstanding problem. A broad study by the Fed aims to measure the extent of payments fraud and to foster more collaboration in thwarting it.
First International Bank plans to rename the company Kotapay, while expanding services that include handling direct deposit and credit card processing for financial firms.
The announcement comes after a Federal Reserve Board task force issued a report in September that said it would further examine options for modernizing the U.S. payments system.
