Neach Payments Group - Federal Reserve Bank

News

New Tool Aims to Stamp Out Scams

6/13/2024 -

The Federal Reserve is taking aim at scammers with a brand new weapon: the ScamClassifier Model. This innovative tool empowers organizations to identify and combat scams more effectively. Learn more about the ScamClassifier Model and how it can benefit your business.

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Federal Reserve Proposes Extended Operating Hours for Payment Services

5/14/2024 -

On Friday, May 3, 2024, The Federal Reserve Board requested comment on a proposal to expand the operating days of the Federal Reserve Banks' two large-value payments services to include weekends and holidays, so that they would operate every day of the year.

Currently, both the Fedwire® Funds Service and the National Settlement Service, or NSS, operate Monday through Friday, excluding holidays. Under the proposal, both services would operate every day of the year. The operating hours each day would remain the same, with the Fedwire Funds Service open 22 hours per day, and NSS open 21.5 hours per day. Use of the expanded operating days by service participants, such as banks and credit unions, would be voluntary.

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