Faster Payments Tracker - August 2016
Here’s what’s happening around the world of Faster Payments
As currency exchanges become increasingly digital and uid, fraud is becoming a growing concern for consumers, businesses, governments and FinTech providers.
Although public worries about the security of Faster Payments were exacerbated by the SWIFT heist, Marianne Crowe, VP of payment strategies at the Federal Reserve Bank of Boston, stated that the Fed will not alter its plan for shifting to real-time transactions. According to Crowe, security has been a primary focus of the Fed prior to the SWIFT case, and will remain so throughout the transition.
In addition to fraud, the focus has been on fees, as many nancial institutions weighed the pros and cons of charging extra for same-day service.
Many banks are considering tacking fees onto their faster payments offerings as they offer new, enhanced services .This strategy could cause nancial institutions to lose money and customers, however, as more fee- free, real-time FinTech payment solutions hit the market each day. How to balance cost of delivering services with the goal of gaining market share remains a market challenge.
Check out the Tracker’s News section to read more about what is trending around the world of Faster Payments.
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