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Uniform Commercial Code (UCC) European Free Trade Association

McGlinchey Stafford

FedNow®: A Payment Rail is Born

McGlinchey Stafford on

The Federal Reserve launched its new real-time payments service, FedNow®, on July 20, 2023. This new instant payment rail settles consumer and business transactions through financial institutions’ Federal Reserve accounts....more

Troutman Pepper

Another Win for Banks: Illinois Federal Court Tosses Wire Fraud Claims

Troutman Pepper on

A recent decision out of the Northern District of Illinois should help banks defend against increasingly common claims involving fraudulent wire transfers. In Trivedi v. Bank of America, et al., the district court granted the...more

Proskauer - Privacy & Cybersecurity

Courts Address the Level of Security Banks Must Provide to Business Accounts

Big or small, all bank accounts are susceptible to hijacking and fraudulent wire transfers. Banks ordinarily bear the risk of loss for unauthorized wire transfers. Two independent frameworks exist to govern these transfers:...more

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