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Article Archives

FedFocus is your source for the latest Federal Reserve Bank Services news. Each issue keeps you informed about hot topics in the industry, as well as provides insight into the value of Federal Reserve Financial Services.

Account Services: Article Archives

There are currently no articles in the FedFocus archive for this service type.

 

 

Central Bank: Article Archives

There are currently no articles in the FedFocus archive for this service type.

 

 

Check/Check 21 Services: Article Archives

First United Bank and Trust Company gains knowledge from check adjustments webinars

June 2014

First United Bank and Trust has recently taken advantage of a number of the Fed’s check adjustments webinars to help support its training needs. Check adjustments webinars are interactive training sessions offered to help maximize an institution’s understanding of check adjustments. During each webinar, a facilitator provides a detailed handout related to the webinar topic and explains each page. Find out about the knowledge staff members gained that can be applied – right away – to operations.
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Customer Support: Article Archives

Sometimes less is more: Your feedback helps simplifly access to customized Fed contact information

September 2014

We all live and work in a world that demands we remember enormous amounts of information. The more information that is available via today’s technological advancements, the more connected we are to what’s happening across the country and around the world. When we think about all the things we rely on to manage our day-to-day lives, it truly highlights that in many instances having to remember less … is really more. In this issue, we share two examples of how your feedback prompted efforts that make it quicker and easier for you to reach our support experts.
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Events and Education: Article Archives

FEDucation: A LOT to love

February 2015

What’s not to love about the wide variety of educational options provided to you by the Federal Reserve Banks? Discover how you can gain greater insight and build your skills in using Federal Reserve Financial Services by attending any of our new or updated offerings in our Events and Education curriculum. We think you’ll find there's a lot to love!
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The new year brings a new events registration process to help simplify your FEDucation

January 2015

Each new year brings a time of new beginnings and renewed commitments. Again in 2015, the Federal Reserve Banks will continue to deliver on our goal of providing a high-quality FEDucation to you. For this reason, we have revamped our events registration process to make it easier for you to sign up for the valuable educational opportunities we offer. Make note of the new URL to the Federal Reserve Bank Events page and find out just how easy it is to register.  
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What are you waiting for? Take time now to check out our wide array of FEDucation opportunities.

December 2014

This is the time of year when most companies are reviewing goals, finalizing year-end activities, wrapping up projects and beginning preparations for next year. It is also a perfect time to make sure you are up-to-date with your FEDucation. The Federal Reserve Banks provide an abundance of offerings, whether you need to master navigating FedPayments® Manager or just want to learn more about our suite of FedACH® Services. You can navigate to all of our available options from the Events and Education page. Don’t delay … take time to expand your FEDucation today!
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Take time for yourself before the flurry of holiday festivities begins

November 2014

As the holiday season approaches, it may be a challenge to find some time for yourself. If you have only a snippet of time between now and the holidays, consider investing in your FEDucation before the rush begins. We have a wide variety of free, 24/7 webcasts that you can view at your convenience through the end of the year, plus you can share the link with other staff at your institution. Take a look at some of the featured sessions and be sure to contact your account executive to discuss how your organization can benefit from the highlighted service.
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FEDucation opportunities to factor into 4Q 2014

October 2014

Believe it or not, we have entered the fourth quarter of 2014. As you map out the remainder of your calendar, be sure to factor in your ongoing FEDucation throughout the end of the year. This month, we are taking a look at the educational tools offered to support your use of Federal Reserve Financial Services via the varied eLearning modules we offer. Make good use of your time by learning more about the services your organization uses via our Events and Education curriculum.
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FEDucation is no risky business

September 2014

A critical component to any financial institution’s risk management and fraud detection is education and training, which can help prevent financial losses and reputational harm in a payments environment that continues to evolve with new and more complex risk factors. Education and training alone, though, are not enough. It is essential that your financial institution also identify and leverage the right tools to support your staff in mitigating potential threats. One such tool, developed by the Federal Reserve Banks, is the FedTransaction Analyzer® Service. Learn how the service can help support your institution’s compliance and monitoring processes.


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On the rise: ACH transactions

August 2014

Did you know that ACH transactions rose at an annual rate of 5.1 percent from 2009 to 2012, according to The 2013 Federal Reserve Payments Study Summary Report and Initial Data Release? With increases in ACH transactions expected to continue, it is important to keep up-to-date on ACH operations and risk management. Take a look at the FEDucation opportunities we offer to help financial institutions increase operational efficiencies and mitigate risk.
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Spotlighting upcoming Regional Payments Association events

July 2014

The Fed actively seeks opportunities to collaborate with the banking and financial services industry. We participate in many industry events throughout the year, with participation varying from attending or hosting an event, exhibiting with our Fed booth, and/or serving as a conference presenter or panelist. Many of these events are hosted by Regional Payments Associations (RPAs), which have a shared mission to educate users and provide information and resources to their members. Read more about upcoming RPA events where you can find Fed representation.
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Make a splash by diving into these FEDucation opportunities!

June 2014

With summer quickly approaching, we are entering the time of year where thoughts of barbecues and long days spent at the pool abound. We are also getting close to the end of the first half of the year, a time to reflect on our early accomplishments and focus on building upon them. Now is also a time to think about how you can leverage the valuable Events and Education offered by the Fed. Take a look at our featured events, then dive in by registering today!
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Spring brings blossoming opportunities to grow your FEDucation!

May 2014

May is blossoming with bright opportunities to expand and enhance your FEDucation. Now is the perfect time to take advantage of some of the valuable education opportunities available in the Events and Education section of FRBservices.org. Learn how our on-demand, complimentary webcasts can help your organization onboard new staff; refresh the skills of existing staff and even train staff members to serve as trainers themselves.  
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A FEDucation isn’t too taxing

April 2014

You work hard every day. To help prevent any extra toll on you, we make obtaining your FEDucation easy by offering a wealth of education and training opportunities that simplify and explain how our tools and services can help you be more effective and efficient within your financial institution. And, there’s no looming deadline for our on-demand online learning opportunities that you can view at any time right from the comfort of your desk.
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FEDucation: Coming to a city near you!

March 2014

Every year, the Federal Reserve Banks participate in industry meetings and conferences throughout the country, and internationally, via staff attendance, an exhibit booth or as speakers or panel presenters. This provides both our friendly Fed team and your financial institution with an easy and convenient way to connect in person. Do you have burning questions about the Fed’s service options? Take a look at our Industry Events listing then set up some time with your account executive or stop by our booth to speak with the Federal Reserve experts face to face.
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FedACH® Services: Article Archives

CoreFirst Bank & Trust scores with the FedPayments Reporter Service

October 2014

Football season has snapped into action and, not surprisingly, it seems as if almost everything lends itself to a football analogy. Just like on the gridiron, delivering exceptional customer service takes a shared philosophy, a well-crafted game plan and a commitment to execution. Let’s look at how the FedPayments® Reporter Service helps a large regional bank, CoreFirst Bank & Trust, deliver value to its small business and corporate clients.
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Discover all that the FedACH Services product suite has to offer

October 2014

The FedACH Services product suite provides financial institutions with efficient, low-cost batched payment services that enable an electronic exchange of debit and credit transactions through the Automated Clearing House (ACH) network. The suite includes a wide range of easy-to-use transaction and information services that conveniently and seamlessly integrate with all Federal Reserve Financial Services and offer a variety of access and connectivity options. Discover more about the suite of services to find just the right FedACH solution for your organization.
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United Bank turns to FedGlobal ACH Payments to provide an international payments solution

October 2014

As more consumers send money internationally, the Fed is helping financial institutions keep up with customer demand for a low-cost and efficient cross-border payments service. The FedGlobal ACH Payments service provides financial institutions a wide range of payment options to help meet that demand by combining convenient access with robust customer support. Read on to learn how United Bank is using FedGlobal ACH Payments to uphold its philosophy of finding solutions to meet its customers’ needs.
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Leverage automation and risk management to grow your corporate customer revenues

August 2014

The Automated Clearing House (ACH) network provides a reliable and efficient electronic payments platform that is increasingly used to send business-to-business payments. For many financial institutions, the information that is contained within the ACH payment file is more valuable than the actual payment. If your institution would benefit from an automated means of assisting its corporate customers with the tedious task of matching ACH payments to open invoices or to recipients, check out our FedPayments® Reporter Service.
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Continuing the theme: NBC Oklahoma helps its business customers help themselves

August 2014

This month, as we continue our focus on the FedACH Risk® RDFI Alert Service, we visited with Angela Ross and Leigh-Anne Taylor, both of whom described ways that NBC Oklahoma has tailored RDFI Alert notification criteria to address the needs of a wide variety of its business customers. Hear firsthand how this alert service enables financial institutions to help their business customers protect themselves against unwanted transactions and stay better informed about activity on their accounts in general.
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How the FedACH Risk RDFI Alert Service helps South Side Bank help its business customers

July 2014

Recently, we visited with Jeff Ward, vice president of South Side Trust & Savings Bank, who told us how the FedACH Risk® RDFI Alert Service is helping his bank help its business customers by not only protecting themselves against unwanted transactions, but by staying better informed about activity on their accounts in general. Read how South Side has added the FedACH Risk RDFI Alert Service as a standard component of its business account package, which has become part of a routine that helps reduce risk.
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A sharp focus on customers needing international payments spurs growth for Community Savings Bank

May 2014

The Federal Reserve Banks are keeping up with customer demand for a low-cost, efficient cross-border payments service as consumers send more money internationally to family and friends. The FedGlobal® ACH Payments Service provides a wide range of payment options to help meet that demand by combining convenient access with robust customer support. Read how focusing on customer service and ever-expanding country offerings solidified an expanding use of the FedGlobal Service for one community bank.
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Mining the value of FedACH Services payment information

April 2014

The Federal Reserve Banks understand that data about a payment can be almost as valuable as the transaction itself. That’s why we offer a suite of FedACH information services to help you extract the nuggets of information associated with the payments, helping to eliminate the need for you to dig through mountains of data. Unearth more about how our information services tools do the digging for you, automatically and according to your specifications.
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FedCash® Services: Article Archives

The Federal Reserve Board has ordered 7.2 billion Federal Reserve notes for 2015

January 2015

Each year, the Federal Reserve Board places an order for new currency with the Bureau of Engraving and Printing. For 2015, the Federal Reserve Board has ordered 7.2 billion Federal Reserve notes, which reflects the Board’s estimate of net demand for currency from domestic and international customers. Learn more about the denominational breakdown of the Board’s FY 2015 order and how the Board determines how much currency to order.
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National parks honored as America the Beautiful Quarters® Program continues in 2015

January 2015

Now in its sixth year, Federal Reserve Banks are preparing for the continuation of the America the Beautiful Quarters Program. Since 2010, the United States Mint issues five new quarter-dollar coins each year featuring designs depicting national parks and other national sites. All 56 coins in the America the Beautiful Quarters Program are expected to be introduced by 2021. Discover which quarters are scheduled for release in 2015.
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How to stay informed during FedCash Services disruptions

January 2015

Winter weather or other disruptions sometimes impact FedCash Services operations, cash transportation networks or other key infrastructure. When these business continuity events occur, a Federal Reserve Bank cash office may temporarily reduce hours, limit operations to paying out currency orders or, as a last resort, stop operations to protect the safety of employees. This article reviews our communication approach and reminds depository institutions and armored carriers about how to stay informed during FedCash Services disruptions.
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Use the Deposit Visual Reference Guide as a best practice resource for proper cash packaging

December 2014

To face currency or not to face currency? That is often a question we hear from financial institutions. To help answer this and other inquiries about deposit packaging requirements, the Federal Reserve provides Operating Circular 2 and the Cash Services Manual of Procedures, which contain the provisions and operational guidelines that apply to a financial institution’s cash transactions with the Federal Reserve. In addition, a Deposit Visual Reference Guide is available with detailed descriptions of proper packaging techniques. Review these three inter-related documents and refer to them when questions about deposit packaging requirements arise.
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New Currency Education Program resource available in 23 languages

November 2014

Know Your Money is a comprehensive guide that includes technical information on the security and design features of the current-design $5, $10, $20, $50 and $100 notes. The educational brochure is now available to download or order in 23 languages, including Spanish, Russian and Vietnamese. Consider using the Know Your Money guide to train your tellers on how to quickly authenticate U.S. currency because, even with the most technologically advanced security features, it is the educated user of U.S. currency who continues to be the first and best line of defense against counterfeiting. Learn more about the program’s goal and how to sign up for future communications.
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Costs and benefits of the $1 currency-to-coin conversion

July 2014

Public attention has focused recently on the possibility of replacing the $1 Federal Reserve note with a $1 U.S. coin. To promote increased awareness of the broader implications of such a transition, the Board of Governors’ Division of Reserve Bank Operations and Payment Systems published a working paper outlining the costs and benefits to the U.S. economy and its participants, including financial institutions, armored carriers, merchants, Federal Reserve Bank cash services and government agencies. Discover more about the factors that lead to the conclusion reached by the Board.
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100 years of Federal Reserve cash processing

May 2014

In the not so distant past, cash processing tellers at Federal Reserve locations around the country counted currency one note at a time and judged authenticity by the sight and feel of individual notes before packaging them for recirculation. Discover how the Federal Reserve, equipment manufacturers and our industry partners have worked to transform the once manual process into the reliable and efficient high-speed mechanized system of today.
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A synopsis of: Maintaining a Robust and Efficient Cash System in a Changing Landscape

March 2014

With nearly $1.2 trillion of U.S. currency in circulation, cash remains an important component of the financial system. To maintain the public’s confidence in U.S. currency and increase efficiency in the cash system, the Federal Reserve has taken several important steps in recent years. Discover how the Fed’s initiatives help reduce operating costs and provide incentives to the private sector to adopt the most efficient cash handling practices.
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FedLine® Access Solutions: Article Archives

Farmers & Merchants State Bank enhances its business continuity plan by ordering a backup VPN device

January 2015

Since the Federal Reserve Banks announced the launch of an effort to transition all FedLine Advantage® and FedLine Command® Virtual Private Network (VPN) devices to the more contemporary Next Generation VPN Solution, over 98 percent of all customers have successfully completed their migration. In addition to replacing their legacy VPN devices, many customers have chosen to take advantage of the benefits of adding another VPN device connection. Installation of an additional VPN device can be a critical component of your business continuity plans and is considered a best practice. In the event of a disruption to your primary device, a backup device helps ensure quick failover so that your institution can continue processing. Read about Farmers & Merchants State Bank’s decision to take advantage of the reduced cost to install a backup VPN device at its contingency location.  
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Want to maximize your FedLine connection to efficiently process and reconcile payments?

December 2014

Imagine a world in which you are able to free up vital resources from manual payments processing activities, or achieve greater flexibility and better control of your institution’s Federal Reserve account quickly and easily. As financial institutions with a FedLine access solution connection already know, the Federal Reserve Banks offer a wide array of tools and services that can help you do just that. From making day-to-day payments operations more efficient to potentially increasing your institution’s bottom line, the Fed can help institutions of all sizes with our suite of convenient and flexible options. Read on to learn about the tools and services available to help maximize your FedLine connection.
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Are you taking advantage of the risk management tools provided by your FedLine connection?

November 2014

Fraud prevention and risk management are hot topics these days. From the front line to the board room, we are all working to protect ourselves and our customers while ensuring we comply with rules and regulations. Now, more than ever, it is imperative that financial institutions have sound processes in place to help mitigate risk and avoid loss. To help support your institution with this effort, we offer a full suite of risk management tools, as well as other information services. Learn more about these tools, which can have an immediate positive impact as part of the FedLine access solution.
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Connect with confidence via a FedLine access solution

March 2014

We know that you have many financial services solutions available to you. Did you know that connecting with the Fed via a FedLine access solution provides you with extensive network reach, in addition to offering control over, and flexibility within, your financial services? All of this while reliably delivering the security you have come to expect from the Federal Reserve Banks. Learn more about our suite of access solutions that range from simple, low-cost email delivery, to sophisticated, direct connections for unattended processing.
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Fedwire® Services: Article Archives

There are currently no articles in the FedFocus archive for this service type.

 

 

General: Article Archives

2014 Payments Fraud Survey seeks to uncover fraud trends and most common fraud schemes

February 2015

Payment fraud attacks and losses using card and check transactions continue to outpace those of other payment types; regardless, all payments are vulnerable to fraud. In this article, we’ll present a few interesting highlights of the 2014 Payments Fraud Survey Summary of Regional Results — a first time effort by the Federal Reserve Banks of Minneapolis and Chicago to combine responses from their districts into one report.
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Questioning how to increase efficiency and reduce risk? FedComplete Packages may be just the answer.

February 2015

Did you know that the Federal Reserve Banks now offer four FedComplete® Packages that provide a great opportunity for your institution to potentially save money on the services you use today, while giving you access to additional services to try and contingency backup options to consider? Learn why these packages are an excellent option for institutions with low-to-moderate transaction volumes that have an interest in processing their own payments through a FedLine Advantage® Plus or Premier connection.


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What’s the buzz? Hear what our customers are saying about Federal Reserve Financial Services

December 2014

If you are a regular FedFocus reader, you may have noticed that throughout 2014 we have featured many of our customers who have shared testimonials about the benefits they derive from our products and services. You’ll notice that these customers are scattered across the country, and while the oldest institution was established in 1894 the newest has not yet celebrated two decades of service. No matter how diverse, each has attested that their experiences with the Fed have been quite positive. Now, at year end, we’d like to share article highlights and focus your attention on the words of our customers as they discuss the ease of setup, derived benefits of our services, Fed-provided customer support and the wide variety of resources, of which, you, too, can take advantage.
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Federal Reserve Banks commemorate a century of visionaries and progress during Centennial year

December 2014

The Federal Reserve’s Centennial year began on December 23, 2013, marking the first important milestone in its formation: the signing of the Federal Reserve Act by President Woodrow Wilson. Throughout 2014, commemoration of the Federal Reserve’s Centennial has occurred at a System level and each Federal Reserve Bank has sponsored activities at a local level. One such effort is the book, Highways of Commerce: Central Banking and the U.S. Payments System, written by Bill Medley of the Kansas City Fed’s Public Affairs staff. Read on to explore the history behind the Federal Reserve's current roles as overseer and participant in the payments system and the ongoing debate over the central bank's responsibilities.
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Federal Reserve Banks announce 2015 pricing and products

November 2014

The Federal Reserve Banks are committed to collaborating with payment system participants and stakeholders to benefit the financial services industry. Continuing to foster these relationships better positions us to help ensure a more efficient, reliable and secure payment and securities settlement system. Changes planned for 2015 reflect our efforts to provide financial institutions of all sizes with more efficient and reliable products and services. Additionally, these changes support the Federal Reserve Financial Services Strategic Plan to improve the speed of payments, ultimately reducing payment system risk. Read more about the Fed’s commitment to providing innovative services that meet the evolving needs of our customers.


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Industry Perspective: Article Archives

Federal Reserve publishes Strategies for Improving the U.S. Payment System

February 2015

The Federal Reserve’s strategic direction for financial services focuses on improving the end-to-end speed, safety and efficiency of the payment system. The Federal Reserve undertook an extensive 18-month research program aimed at identifying key gaps and opportunities, gaining industry and end-user perspectives on needs and priorities and defining ways to achieve payment improvements. On January 26, 2015, the Fed published, Strategies for Improving the U.S. Payment System, which details the conclusions of those efforts and communicates a multi-faceted plan for collaborating with payment stakeholders — including large and small businesses, emerging payments firms, card networks, payment processors and financial institutions — to enhance the speed, safety and efficiency of the U.S. payment system. Learn more details about the strategies plus ways you can engage for change.
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Payments study reveals substantial changes in the composition of noncash payments

September 2014

The U.S. payment system is one of the largest, most complex engines of commerce in the world. Every day, billions of transactions occur between buyers and sellers of goods and services. While cash continues to be used widely for these transactions and plays an important function as a store of value, card and Automated Clearing House noncash payments more than doubled since 2000. Based on The 2013 Federal Reserve Payments Study data, while the number of total noncash payments grew almost 69 percent since 2000, the composition of noncash payments also changed substantially. Find out more about the trends in noncash payments by number and type of transaction.
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Research studies pave the way for Payment System Improvement Roadmap

August 2014

In the past year, the Federal Reserve completed several research activities to help identify potential strategies to improve the U.S. payment system and advance its strategic direction. Among those research activities were the Faster Payments Assessment, the ISO 20022 Business Case Assessment and the Payments Security Landscape Study. These studies were critical to the Fed’s evaluation of end-user demand and feasible alternatives for achieving faster retail payments, enhancing cross-border payments and identifying gaps and opportunities related to payment system security. Learn more about these research efforts, including where to find details of the objectives, research observations and key takeaways.
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Now available: The 2013 Federal Reserve Payments Study Detailed Report

August 2014

The 2013 Federal Reserve Payments Study Detailed Report, released on July 24, 2014, provides new information on the payments landscape. Read up on key findings that include: updated results on the intensity of card use by consumers and businesses, new estimates of over-the-counter cash withdrawals and deposits at bank branches and wire transfers made by businesses and consumers, and further discussion of previously released information on third-party payments fraud, among others. 
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Join the conversation: Fed to host Town Halls on improving the U.S. payment system

June 2014

Join the Federal Reserve Banks for one of six national Payment System Improvement Town Halls during the month of June. The Town Halls are open to the public and will feature leaders from the Federal Reserve Banks facilitating discussion on possible strategies and implementation approaches on topics including faster payments, security, business-to-business (B2B), settlement, international, and more. Industry participants can use the Town Halls as an opportunity to weigh in on the strategies and solutions under consideration for the Reserve Banks’ payment system improvement roadmap, which will be shared in a paper this fall. We encourage you to attend and share your thoughts as the entire industry works to improve the payment system. Advanced registration is required and space is limited, so register today.
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Key themes from consultation paper feedback and end-user research

April 2014

A lot of work has been done since the Reserve Bank’s October 2012 announcement of our updated strategic focus for Federal Reserve Financial Services. Since then, we’ve researched the current state of the U.S. payment system and identified gaps and potential opportunities for improvement. We then vetted these gaps and potential opportunities in numerous industry discussions and rolled that research and industry input into the “Payment System Improvement – Public Consultation Paper,” released for input in September 2013. As we analyzed the industry feedback from that paper, we also researched end-user demand for select payment attributes. Discover more about the key themes from the paper and end-user research and learn how you can stay informed.
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Risk Management: Article Archives

Planning makes perfect: Put these best practices to good use before disaster strikes

June 2014

If there’s one thing this past winter demonstrated, it is that business continuity planners must be ready for anything at any time. These days, contingency planning expands beyond natural disasters to man-made emergencies that include system outages and data breaches. While you can’t anticipate when a disaster will occur, you can plan how disruptions will be handled. Take a look at these best practices and quick tips that can help you and your staff be better prepared should that unwelcome disruption occur.
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Treasury Services: Article Archives

There are currently no articles in the FedFocus archive for this service type.

 

 

eBusiness: Article Archives

There are currently no articles in the FedFocus archive for this service type.

 

 

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