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In a new detailed report, the Federal Reserve laid out four options for upgrading the creaky U.S. payment system. The study raised questions about how far the Fed can, and should, go to bring about change.
January 26 -
The payment system is unexpectedly the center of attention in the financial services policy world after spending years being overshadowed by the financial crisis and other pressing issues.
February 10 -
The payments company and big-bank trade group plans to create a ubiquitous, real-time payment system over the coming years, supplementing the push for same-day settlement of ACH transactions.
October 22 -
The Federal Reserve banks signaled Tuesday that they are pushing ahead with their efforts to encourage the construction of a faster nationwide payment system.
February 4
Pay.gov, the federal government's web portal for collecting payments to federal agencies, is now offering PayPal and Dwolla as payment options.
The move coincides with the U.S. government's transition from paper-based processes to electronic transactions. Digital wallets like those provided by the two companies allow users to initiate transactions on the Internet or through their mobile devices without supplying the government with personal information.
In fiscal year 2014 the Treasury Department's fiscal service bureau collected $3.7 trillion in revenue through 400 million transactions using Pay.gov and other programs, it said in a news release Wednesday. Nearly 98% of those transactions were settled electronically.
"Digital wallets provide convenience, simplicity, and a trusted customer experience, while achieving cost effectiveness for the federal government," Corvelli McDaniel, the Treasury unit's assistant commissioner of revenue collections management, said in the release.
