Washington policymakers are not adopting policies necessary to keep the U.S. on the cutting edge in payments. Fortunately, the dual banking system offers an alternative path forward, writes Livia Benisty, of Banking Circle, in American Banker’s BankThink. https://bit.ly/3S37YcC
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Payments modernisation is a policy priority in the US. Which FIs gain access to the systems allowing them to process and settle payments is key. This determines what new products, or better versions of existing ones, can be offered and by whom, contributing to progress on cost, speed, transparency of and access to payments. Discussions continue regarding how to achieve this, including in their consideration the possibility of new charters, regulation etc. I argue in American Banker that the existing dual banking system in the United States allows the country's payments systems to keep pace without requiring anything new from lawmakers or regulators. Through state charters, innovative financial institutions are able to solve existing industry pain points; however to maximize the benefits of such charters, there are specific actions federal and state policymakers can take. Note that the op-ed appears to be behind the paywall, however if you register you will have access to one free article. #payments #crossborderpayments #regulation #paymentsmodernisation Banking Circle Group
It's up to state banks to lead the way in payments innovation
americanbanker.com
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Learn how these three Fed presidents have championed payments modernization, instant payments innovation and financial inclusion: https://lnkd.in/dXVSwdZF #FederalReserve #paymentsindustry #payments #banking
Leaders of Note in Payments
frbservices.org
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What's happening in the banking and payments sector in 2024
Seven things banks will be looking out for in 2024
https://www.cityam.com
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NCR Voyix’s Jill Capicchioni talks with PYMNTS about this being the year of real-time payments and why now is the time for banks and credit unions to get set up. Listen: https://bit.ly/3QfMpo7 #RTP #DigitalPayments #Payments #FedNow
NCR Voyix Warns on Instant Payments Adoption Delays
https://www.pymnts.com
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NCR Voyix’s Jill Capicchioni talks with PYMNTS about this being the year of real-time payments and why now is the time for banks and credit unions to get set up. Listen: https://bit.ly/3QfMpo7 #RTP #DigitalPayments #Payments #FedNow
NCR Voyix Warns on Instant Payments Adoption Delays
https://www.pymnts.com
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An interesting new approach from ASIC informing whether and on what terms it will approve codes of practice. ASIC’s approach to regulation is certainly evolving, undoubtedly with the aim of having more of an impact, more often with fewer resources.
For the first time, we have opened public consultation on the Australian Banking Association (ABA)’s proposed changes to its #Banking Code of Practice. The Code contains contractually enforceable standards that customers and small businesses can expect subscribing #banks to uphold. The consultation will help inform our decision on whether to approve the proposed Code. We are focusing on whether the proposals address key potential consumer harms, provide effective systems for monitoring and enforcement, and balance the promotion of consumer awareness of the Code’s protections with minimising regulatory duplication, among other factors. Have your say by 15 January 2024 https://bit.ly/3QChWA6 #ConsumerProtection
ASIC consults on ABA's proposed changes to the banking code | ASIC
asic.gov.au
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Empowering financial institutions to build loyalty and trust | Executive Director of Product Management, Digital Banking
NCR Voyix’s Jill Capicchioni talks with PYMNTS about this being the year of real-time payments and why now is the time for banks and credit unions to get set up. Listen: https://bit.ly/3QfMpo7 #RTP #DigitalPayments #Payments #FedNow
NCR Voyix Warns on Instant Payments Adoption Delays
https://www.pymnts.com
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For the first time, we have opened public consultation on the Australian Banking Association (ABA)’s proposed changes to its #Banking Code of Practice. The Code contains contractually enforceable standards that customers and small businesses can expect subscribing #banks to uphold. The consultation will help inform our decision on whether to approve the proposed Code. We are focusing on whether the proposals address key potential consumer harms, provide effective systems for monitoring and enforcement, and balance the promotion of consumer awareness of the Code’s protections with minimising regulatory duplication, among other factors. Have your say by 15 January 2024 https://bit.ly/3QChWA6 #ConsumerProtection
ASIC consults on ABA's proposed changes to the banking code | ASIC
asic.gov.au
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🔮 Is it the beginning of the end for free banking? 🆓 🏦 As financial services are unbundled and re-bundled the traditional banking model undoubtedly continues to be disrupted - further weakening the direct link that enabled the "free if in credit" model. 👀 we await with interest the full speech later on today... 🌈 We think traditional banks are missing a trick with this framing - current accounts and savings accounts have HYPER powerful acquisition, retention and engagement potential - the value of which(for folks both within and beyond banks) should not be underestimated... https://lnkd.in/eDMwwqiJ
FCA would not block an end to free banking in Britain
reuters.com
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