Faster payments

As any stressed-out parent knows, kids can be quite bad at communicating what they need for school. Bursari has added a software development kit to improve its ability to accept and process one-time and recurring payments to schools through a variety of means.

As the banking industry moves closer to adopting a faster payments system, bank executives have begun to think through the impact it will have on clients and banks themselves.

Viewpoint's Henry Ferguson has heard the arguments against digitization firsthand, when checking with advisers who take the temperature of people in the construction industry.

As the banking industry moves closer to adopting a faster payments system, bank executives have begun to think through the impact it will have on clients and banks themselves.

New payments systems will allow everyday financial tasks such as paying bills, issuing invoices, making payroll, or settling insurance claims to be easier, faster, safer, and more efficient, writes Jim Aramanda, president and CEO of The Clearing House Association and Payments Company.

In the U.S., Visa Direct has emerged as one of the few go-to tools for fast payments in a market that is overdue for such options. The product's true test begins now, as Visa launches it in Europe, where faster payments options are far more plentiful.

The bank consortium is going directly after the business of its former partner Ripple in the middle of their legal battle over an option for digital currency worth $1 billion.

The gig economy is one of the most demanding business sectors in terms of technology, speed and security. All of these factors play into how these companies handle payments.

The Federal Reserve Board governor sketched out a future in which U.S. banks remain at the center of commercial transactions.

The first round of data is in following the Sept. 15 launch of same-day ACH debit payments, providing a snapshot of what Nacha expects will be a growing channel.

The Society for Worldwide Interbank Financial Telecommunication says its Global Payments Innovation service surpassed two million cross-border payments during September.

Same-day ACH debits rolled out last month, a year after same-day credits, cutting processing time for these payments from a couple of days to a few hours — but for many emerging use cases, that’s not fast enough. And debit is filling the void.

Most financial institutions use outdated legacy systems that are siloed by factors such as lines of business and geography, writes Suresh Ramamurthi, chairman and CTO of CBW Bank.

Following an antitrust review that lasted almost a year, the approval would appear to cement The Clearing House's status as the front-runner in a race to modernize the U.S. payments system.

International payments will only get more complex as faster payments take hold globally, steering banks and money movers to establish central hubs for handling cross-border transactions.

First Data Corp. is joining in the movement to provide speedy payments to participants in the gig economy of independent contractors by rolling out a debit-powered disbursement product.

As the U.S. continues to shape its faster payments options over the next few years, the connections for such systems have to be able to deliver more information and services with every payment.

International sourcing is stressing businesses that are already too reliant on paper-based payment methods, argues Hyperwallet's Tomas Likar.

The Federal Reserve task force and committees planning a faster payments system in the U.S. have had to juggle different viewpoints, philosophies and agendas, but they are laser-focused on a key aspect of the initiative: They don’t want to come back to the drawing board once a system is in place by the targeted year of 2020.

SourceMedia's PayThink conference is an annual gathering of key decision-makers in the financial services and payments industries. This year's event, which took place in Phoenix this September, brought several key ideas to light.