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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
June 10, 2021
The Federal Reserve released an article on fraud management considerations to evaluate when preparing for instant payments.
Details: The article says the speed, finality, and round-the-clock nature of instant payments provide opportunities for fraudsters and require organizations to review fraud-fighting tactics and prepare.
More: The ICBA website offers comprehensive information on payments, including instant payments.