Faster payments

If the deployment of faster payments came with a guarantee to boost a financial institution's bottom line, more banks and businesses would likely invest in bringing their legacy systems into a new age.

The central bank originally predicted FedNow's launch within five years, but the Fed chairman told House lawmakers that he expects it will happen sooner.

China dominates the business. Facebook's proposed cryptocurrency could help alter the balance of power.

China dominates the business. Facebook's proposed cryptocurrency could help alter the balance of power.

If the Fed's new service doesn't effectively prevent existing types of fraud, we might even see fraud increase thanks to the instant payments concept, says Chargeback 911's Monica Eaton-Cardone.

Many small banks remain skeptical of the payments network because it is owned and operated by big banks and they are waiting for the Federal Reserve to launch a rival service.

Nobody will be keen to go toe-to-toe with the Fed, which is the financial systems’ paramount regulator and central bank with virtually unlimited resources, says Intrepid Ventures' Eric Grover.

Uber launched a series of financial services to provide real-time wage payments and enhanced account features in a single app, seemingly putting Uber in the role of a digital bank.

Citing banks' growing focus on end-to-end payment processes, Bottomline Technologies says it is adding the Real-Time Payments network from The Clearing House to its digital banking platform.

FedNow will provide tremendous advantages for community financial institutions, but it also creates areas of concern that will require additional oversight, says CSI's Derrick Bretz.

The goal is to get a better understanding of past incidents, thereby arming the Fed to improve its response as more companies implement faster payments.

U.S. Bank wants to disrupt the way consumers pay their bills by offering billers a new platform fit for faster payment rails, new messaging formats and digital assistants.

PSCU also found in its second-annual payments study that Americans were turning to debit cards over credit cards.

Eliminating checks from corporate payments will take many more years, but Nacha’s latest data suggests the B2B category is playing a key role in Same Day ACH's growth.

The FedNow real-time payments settlement network from the Federal Reserve could launch prior to its estimated 2024 time frame, but a lot of pieces have to fall into place to make that happen.

South Africa’s payments industry wants to displace cash by enhancing its B2B-focused digital payment system to add instant low-value mobile P2P transactions.

Banks need to ditch their "wait and see" approach to making real-time payments available to their customers says Vinay Prabhakar, Volante’s vice president of product marketing.

Payroll advance provider Branch has partnered with Mastercard and Evolve Bank & Trust to offer a debit card that allows hourly workers to instantly access a portion of their earned wages ahead of their periodic paycheck.

Intuit has partnered with Visa to enable QuickBooks users to get faster access to funds through Visa Direct, the network’s debit push payments service.

The Federal Reserve’s FedNow instant payments system will dramatically speed up payment processing, essentially allowing people and businesses to receive money in their accounts within seconds of a transaction, says the Retail Industry Leaders Association's Austen Jensen.