Faster payments

Rather than waiting one to three days for funds through the Automated Clearing House system, merchants will be able to receive settlement payments straight to their debit cards within minutes through a partnership between Visa and the processor Vantiv.

The U.K.’s Payment Systems Regulator and the Bank of England have officially formed the New Payments Systems Operator (NPSO), a regulatory body that will soon replace three existing payment systems.

Fifth Third's Melissa Stevens targets millennials with new app. Meanwhile, regulators are accused of ignoring millennials. Plus, a Goldman Sachs wealth manager sues for discrimination.

As the next step of Nacha's faster payments initiative nears, technology and management adjustments may be required to handle increased overdraft risk.

The central bank said Wednesday that it will assess a range of options regarding its operational role in a modernized payment system, an issue that divides large and small banks.

New European standards require greater data sharing to accommodate faster transaction processing, mobile payments and other digital efforts — a trend that is also inspiring new collaborations across the pond.

The advancement that we are seeing in terms of API Banking in the payments domain makes it evident that the overall banking system is moving toward an open banking framework, writes Satya Swarup Das, a senior architect for the global banking practice at Virtusa.

Dave Sapenaro, first vice president and chief operating officer at the Federal Reserve Bank of St. Louis, will oversee the Fed's payments system improvement initiatives.

The Society for Worldwide Interbank Financial Telecommunication (Swift) will provide U.S. banks with a gateway to The Clearing House's real-time domestic payments platform.

Connected devices, mobile and new processing standards require a larger technology upgrade than the quick updates of the past, according to Rajesh Venkatraman, director of worldwide payments at IBM.