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Home»Fintech»Fed introduces card-not-present debit rule
Fintech

Fed introduces card-not-present debit rule

October 5, 2022No Comments1 Min Read
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Federal Reserve delays ISO 20022 cutover by two years
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The US Federal Reserve has finalised new guidelines making certain that retailers can select between a number of networks for routing card-not-present transactions

Because of a rule first drafted in 2011, debit card issuers should give retailers the chance to decide on between a minimum of two unaffiliated networks when routing transactions.

Nevertheless, on the time the market didn’t have the methods in place to help a number of networks for card-not-present transactions.

Whereas the know-how has advanced to deal with this, some issuers are nonetheless not supporting a couple of community, a problem that has change into extra pronounced with the expansion of on-line funds.

Says the Fed: “The ultimate rule will encourage competitors between networks and incentivise them to enhance their fraud-prevention capabilities.”

Fed Governor Michelle Bowman issued a dissenting assertion over questions on how the rule will have an effect on neighborhood banks with respect to fraud and the price of compliance.

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See also  New York Fed tests wholesale CBDC for cross-border payments
cardnotpresent debit fed Introduces Rule
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