Big banks line up against small institutions in war for faster payments

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Both consumers and businesses want payments to be faster and simpler — witness on the consumer side the boom in the use of Zelle, Venmo and other services. The Federal Reserve has announced plans for its own faster payments initiative. The nation’s largest banks, hard at work on a faster payments scheme of their own, aren’t happy about the proposed FedNow.The Fed’s timeframe — calling for a launch in 2023 or 2024 — is an eternity in the new world of technology in which banks and credit unions operate today, particularly considering that the Fed began its consideration of realtime payments back in 2013. The Fed also announced its intention to explore the expansion of the hours of the Fedwire Funds Service and National Settlement Service, up to 24x7x365, to provide support for private-sector faster payments and related efforts.Good intentions, but FedNow seems years too late. Realtime payments systems are commonplace around the globe, from the U.K. to Sweden to Singapore to Australia. The U.K’s faster payments scheme began in a limited, same-day form in the 1980s, and a comprehensive faster payments scheme was initiated in 2003 — ten years before the Fed began its study and sent out requests for comment.last_img read more

DSS island wide consultations described as successful

first_img 29 Views   no discussions Tweet LocalNews DSS island wide consultations described as successful by: – September 14, 2011 Sharing is caring! Sharecenter_img Share Share Deputy Director of DSS, Mr. Augustus EttieneDeputy Director of the Dominica Social Security Augustus Etienne is describing ongoing island wide consultations with the public as “successful.”The DSS has been holding consultations around the island regarding a proposal to increase the retirement age from 60 to 65 and increasing the contribution rate by 1%.Etienne says Dominicans are embracing the new measures.“Generally people are embracing it because they understand the reason; the situation is similar to what happened in 2006.Initially when you hear the retirement age and contribution is going to increase, everyone is up in arms, that cannot happen but when they come and are faced with the reality of the situation, in fact what they are saying is why has it taken us so long to get those measures implemented so they appreciate the need for it. It’s a small sacrifice but it is necessary to ensure that they and all of us, even our children’s children who are unborn will be able to benefit from the system,” he said.Director of the DSS, Mrs. Janice Jean-Jacques Thomas.Meantime Director of the DSS Janice Jean-Jacque Thomas says while persons expressed concerns about an increase against hard economic times, the move is a small sacrifice for future returns.“It would be a small sacrifice for the returns that persons will get in the future. For instance we all save and it’s important for all of us to have a savings but when we no longer are able to save, we draw on that savings periodically until it’s finished. Whereas with Dominica Social Security, you make the sacrifice and as long as you live, there should never be a time that you will be told there’s no more,” she said.Dominica Vibes Newslast_img read more