After discussing what real-time payments are and how they differ from fast payments, we look at the benefits of RTPs and potential for fraud, issues arising from the Fed’s plans to launch a RTP service, the laws and rules applicable to RTPs and how they bear on loss allocation, the pandemic’s effect on RTPs, and our expectations for the use of RTPs and the impact on fast payments generally.… Continue Reading
real time payments
Ballard Spahr attorneys author article on COVID-19’s effect on real-time payments
By Barbara S. Mishkin on
Posted in COVID-19, Payments, Regulatory and Enforcement
Among the unfortunate consequences of the pandemic has been COVID-19-related scams targeting businesses and consumers. As real-time payments (RTP) become more popular in the U.S., fraudsters can be expected to increasingly engage in fraudulent RTP transactions.
A new article titled “The Effect of COVID-19 on Real-Time Payments” written by Ballard Spahr Of Counsel Judy Mok and Amy Schwartz and published in the Banking & Financial Services Policy Report discusses the new RTP system, the benefits of RTP, the potential for fraud in connection with RTP, and the laws that may bear on loss allocation.… Continue Reading