On July 15, Federal Reserve Financial Services announced the completed migration to the ISO 20022 message format for the Fedwire Funds Service, a major advancement in the evolution of the nation’s payments infrastructure.
Two years ago, the Federal Reserve launched the FedNow Service, a groundbreaking instant payments platform designed to serve the needs of U.S. financial institutions of all sizes and help pave the way for 24x7x365 payments for businesses and individuals nationwide.
Since its launch in 2024, the ScamClassifier model has given financial institutions and service providers a standardized approach to classify scams. Drawing insights from early adopters and user work groups, organizations have identified a variety of potential uses and benefits from using the model.
Since 1964, Rochester has provided armored car services to the middle U.S. The company has worked with its financial institution customers who use the Minneapolis Federal Reserve to adopt the FedCash E-Manifest Service, which benefits operations by eliminating paper processes at Federal Reserve docks and enabling electronic data sharing.
In the 1970s, the Federal Reserve and banking industry began to look for solutions to improve the paper check system. Compared to the speed of wire transfers, paper checks took a long time to process. Plus, their volume was increasing, which was straining the system.
