Faster payments

Scams and fraud on real-time payment platforms are well documented. To solve the problem regulators, lawmakers and the public must acknowledge the inherent risks that come with a powerful new technology and develop rules to make it safer.

Federal Reserve Vice Chair Lael Brainard said Monday that the central bank's real-time payments network will go live between May and July of 2023 and financial institutions should prepare themselves right away.

David Marcus, Facebook's financial services chief, discusses how its Novi digital wallet and the Diem stablecoin project it's involved in can be the backbone of a platform that offers real-time digital transactions, acts as a merchant acquirer and helps commercial banks handle central bank digital currencies.

More than a dozen banks and credit unions in Canada are launching an instant business-to-business payments service. Here’s what U.S. banks and the Federal Reserve could learn from it.

The bank, which helped launch the real-time network for peer-to-peer payments, is trying to duplicate that success by helping corporate clients process certain transactions instantly with wholesale partners and, in some cases, retail customers.

Many customers in health care and other sectors remain resistant to new technologies. Here's how banks are trying to persuade them to adopt more efficient payments and back-office systems.

ICBA Bancard will help link community banks to instant payments through a partnership with real-time services hub provider Finzly.

The national debit network Interac is working with Payments Canada, which oversees the country's payment system, on an instant payment rail while demand from local shoppers and a need for faster supply chain finance grow more pronounced.

Banks and businesses want a connected system that "just works," regardless of which rail the senders and recipients use. But there is no consensus on how to make that happen.

The bank is working with DailyPay and The Clearing House's RTP network to bring a smidge more speed — and certainty — to earned-wage access payments.