Mark Gould is the chief payments executive of Federal Reserve Financial Services (FRFS). He leads nearly 2,000 employees in providing the Federal Reserve System’s portfolio of retail payments, wholesale payments, instant payments and cash services to more than 9,000 financial institutions across the United States.
Financial institutions across the country continue to join the FedNow Service to build and deliver instant payment solutions that their customers or members are demanding. Some financial institutions join the service as receive-first participants, with plans to enable send later. Others are maximizing the value of the service right away by enabling receive and send capabilities.
Scams are growing at an alarming rate and the year-over-year losses continue to rise. To help address this issue, an industry work group supported by the Federal Reserve developed the ScamClassifier model in summer 2024. This voluntary classification structure supports consistent and detailed classification, reporting, analysis and identification of scams, attempted scams, and related trends.
Increased consumer interest in digital banking is driving financial institutions to explore technologies beyond traditional online and mobile retail banking offerings. Some financial institutions are now using application programming interfaces (APIs) to develop faster business practices, reach more customers and enhance business value. With Federal Reserve Financial Services (FRFS) APIs, institutions can quickly access their financial information and data, making their existing processes more effective and efficient.
The FedPayments® Reporter Service for FedACH Services now offers an intraday ACH Return Item Report that can help your business customers easily receive return item information at the distribution window(s) of your choice. Additionally, the intraday ACH Received Entries Detail Report can help identify Same Day ACH entries and large dollar or large volume customers.
