US Federal Reserve

Why blockchain won’t fix payments

There is a misconception about blockchain in the industry surrounding the belief that it is a solution to making faster and securer payments. There are some issues around the blockchain that explain why, in its present form, it isn’t an ideal replacement.

BNP Paribas fined $246m for FX misdemeanours

BNP Paribas has been hit with a $246 million fine by the US Federal Reserve System relating to past misconduct in its foreign exchange (FX) business. The Paris-based bank says it will pay the fine and has settled Federal Reserve allegations that it failed to keep its FX traders from using electronic chatrooms to manipulate […]

US Fed study shows prepaid growth slowing

Prepaid cards accounted for 9.9 billion transactions and $270 billion in spending volume in the US in 2015 – an increase of $600 million since 2012 – but according to a study from the US Federal Reserve, prepaid growth is slowing as the products become more mainstream, reports Paybefore (Banking Technology‘s sister company). Based on survey […]

US Fed calls for cybersecurity feedback

The US Federal Reserve has approved an advance notice of proposed rulemaking (ANPR) and wants comments on its cybersecurity risk-management and resilience standards. In its 48-page report “Enhanced Cyber Risk Management Standards”, the Fed says the standards will apply to large and interconnected entities under their supervision, as well to services provided by third parties […]

Digital security requires a complex hybrid approach

In early June, Reuters disclosed that the US Federal Reserve had detected more that 50 cyber security breaches from 2011 through 2015. It should be noted that this may only represent a small fraction of the Fed’s total exposure during this period. It turns out that, unlike the Washington-based Board of Governors, the 12 privately […]

300 organisations vie to join Fed faster payments task force

More than 300 organisations have applied to participate in the US Federal Reserve’s task force for faster payments, Sean Rodriguez, senior vice president for industry relations at the Chicago Fed, said yesterday at the Nacha conference in New Orleans.