ACH

Nacha's request to the Fed to extend submission times for its Same-Day ACH network was far from routine for two organizations that had worked together for decades.

The new U.S. Faster Payments Council states a clear mission — to promote faster payments in the U.S. But this new entity could butt heads with the Federal Reserve if it thinks the Fed isn't moving fast enough.

After more than two years of successful operation in delivering Same-Day ACH payments, Nacha's request to add a third processing window has been delayed by the Federal Reserve, which says it has to obtain public comment on the concept.

Mastercard has dropped out of a recent bidding war with Visa to acquire Earthport, announcing it will instead buy Transfast, a different cross-border payments firm.

The bank will pay over $15 million in restitution and fines to settle claims that it neglected stop-payment requests and reopened deposit accounts without customers' consent.

By adopting faster payments, businesses have more flexibility to make last-minute payments and emergency payrolls, or gain a larger window for early-payment discounts.

Younger consumers today have a very different view of, and utility for, general purpose bank and private label retail credit cards when compared to older generations.

The boom in e-commerce—boosted by mobile devices—is spawning a record number of returns and associated shipping and payment hassles.

The Fed's faster payments task force is not likely to receive welcoming feedback from current operators who aren't convinced a hands-on role for the Fed is needed.

Credit unions are well positioned to serve small businesses, but they'll lose that opportunity if they're not adequately protecting those members' cash flow.

As the Federal Reserve guides the U.S. on its steady march toward a faster payments system, a thorny issue continues to plague some of the most prominent efforts: Could the smaller banks stay abreast of the technologies that larger banks are readily supporting and deploying?

Customer furor stemmed from troubles FIS had processing payments for MetaBank, the issuer of Netspend and other prepaid debit cards.

American Express is launching Early Pay, a digital financing service that allows large U.S. companies and their suppliers to benefit from discounted bill payments.

Shamir Karkal said his startup will allow fintechs to develop ACH processing for their companies without having to partner with banks.

As the major banks grapple with the slow and steady implementation of The Clearing House’s Real Time Payments (RTP) system, one organization, Ingo Money, is forging ahead in delivering faster payments for its clients and their customers using the card networks’ push payments rail.

More than half of U.S. financial institutions have made same-day ACH funds available without seeing any major shifts in fraud. But observers warn that as same-day ACH introduces broader access and bigger transactions, it will become a bigger temptation for fraudsters.

At this year’s Swift Business Forum in New York, executives said banks can build "more intelligent routing" to speed up payments and reduce the cost of processing and delivery.

Giro Zrt, a Hungarian financial services industry organization that operates a domestic automated clearing house payments network, is teaming with the payments service provider Nets A/S to create a national instant payments service.

Seeing an opportunity to address the multi-billion dollar cannabis industry’s needs for payments processings, Zodaka is launching with a system that focuses more on price than process.