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January 2025 |
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Bankers' Bank of Kansas Upcoming Closures:
Closed Monday, February 17, 2025, in observation of Presidents' Day. We will reopen for business on Tuesday, February 18. |
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Welcome to 2025!
I hope your financial institution enjoyed a successful 2024. We have a variety of exciting events lined up for this year. We will be hosting our inaugural bank operations conference centered on innovation, Innovate 2025 (find more details at the end of this newsletter). Additionally, a Federal Reserve Bank mandate requires a conversion of wire transfers to the ISO 20022 format by March 10, 2025. The expansion of instant payments is ongoing and BBOK will continue to offer webinars and educational sessions, both general and core-specific, throughout 2025. We will also be closely monitoring the results of the Fedwire expanded operating hours proposal, which were put out for comment in 2024. This proposal aims to extend Fedwire operating hours to 22 hours a day, 7 days a week, 365 days a year. Furthermore, NACHA has proposed the addition of a fourth same-day ACH window, effective September 19, 2026, and an acceleration of certain ACH credits with a proposed effective date of September 18, 2025. BBOK is keeping a close eye on these proposals and will provide updates as more information becomes available. Our commitment to keeping you informed and prepared for these developments remains steadfast. We encourage you to participate in our upcoming events and educational sessions, which are designed to equip your institution with the knowledge and tools necessary to thrive through these changes. We are grateful for your continued partnership. Here's to a successful 2025! |
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Instant Payments
Consider Your Strategy for Success |
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In 2025, one of the biggest questions about instant payments is "what kind of volume is occurring on FedNow"? The Federal Reserve recently released their quarterly statistics and as you can see, volume continues to grow with over 1,000 institutions currently enrolled. |
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On December 4, 2024, The Clearing House announced an increase in the Real Time Payments (RTP) network limit. Effective February 9, 2025, the limit will increase from $1 million to $10 million per transaction, indicating the continued increase in volume of instant transactions. This also illustrates that the use case for large volume users, such as businesses, are growing.
The evidence presented indicates a rising volume of instant payments via the FedNow and RTP services. This suggests that your institution should evaluate its strategy regarding instant payments. BBOK has educational webinars and resources to help you decide what options will be best for your bank and its customers. |
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ISO 20022 Wire Updates
Effective March 10, 2025, wire format is changing to ISO 20022
Over the next few weeks, Bankers’ Bank of Kansas will be rolling out an informative training guide to answer all of your questions and ease your transition.
You can expect to receive emails, videos, and live webinars to ensure that your bank is fully prepared for the upcoming change on March 10, 2025. Check out the ISO 20022 Bulletin each Tuesday, view all the resources on our ISO 20022 Resources webpage, and let us know if you have any questions by emailing path@bbok.com. |
| View the ISO 20022 Resources Page» |
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Compliance Corner:
Deepfakes
In February 2024, CNN aired a story about a finance worker who paid out nearly $25 million to a fraudster. You may think, “It can’t happen to me because I don’t have millions of dollars.” The problem is fraudsters want money, and it doesn’t have to be millions. If you Google “Deepfake”
you can find many articles about this phenomenon from Homeland Security, McAfee Security, ID.me Network, and insurance companies.
In this edition of the Compliance Corner, we will focus FinCEN alert and a public service announcement from the FBI. |
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Tracy's Tips:
Disaster and Contingency Plan
Disasters can take various forms, whether it's a fire or a severe snow and ice storm that halts operations for days. As your institution plans for disaster recovery and contingency resources, it’s important to know how to access PATH during such events. PATH is a web-based program that can be accessed from any computer with an internet connection, provided you have your username, password, and Yubikey. With these resources in hand, you can continue operations utilizing PATH from anywhere. |
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Innovate 2025: BBOK Operations Summit
Registration Now Open!
Register today for Innovate 2025 - Bankers' Bank of Kansas' inaugural operations summit!
By attending Innovate 2025, you will have the opportunity to:
👉Hear directly from industry leaders about the impacts that innovative approaches have had on their financial institutions.
👉Share your innovative banking ideas with other industry professionals and BBOK staff.
👉Explore strategies for overcoming innovation challenges in the community banking industry.
Securing your spot today ensures you receive an early bird rate of $125/person!
We look forward to seeing you there! |
| Register Today! |
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Our mailing address is:
Bankers' Bank of Kansas | 555 N Woodlawn, Bldg 5 | Wichita, KS 67208 US |
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Bankers' Bank of Kansas, 555 N Woodlawn BLDG 5, Wichita, KS 67208, United States |
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