Faster payments

Two months after a successful test to connect banks using the Global Payments Innovation service to faster payments rails in Singapore, Swift is launching a new service to connect with other domestic real-time payments systems.

The industry is waiting to see if banks will get the same no-cost land leases on military bases that credit unions currently enjoy.

When the payments industry's decision makers gathered in Los Angeles at SourceMedia's annual PayThink conference, certain topics dominated the discussion.

From her perch atop a global business that processes $455 trillion in payments each year, Diane Reyes sees the push to bring real-time processing to the U.S. through an international lens.

It's not a reaction to JPM Coin, the banks says, but a way to speed up international payments for corporate clients.

Credit unions are upping their involvement in all things related to payments in an attempt to bolster the bottom line and ensure they keep up with the competition.

SumUp, a U.K.-based mobile point of sale company, needed a way to differentiate itself from larger rivals such as PayPal, Square and iZettle. Its solution is to offer faster settlement, in partnership with Starling Bank.

Stripe and JPMorgan Chase are firing rapid shots in their battle to win businesses, with faster payments as the centerpiece of their offerings.

The massive scale of the e-commerce market is burdening community banks with its volume of payments. But there may be strength in numbers.

FedNow will provide another option for real-time payments but executives will have to decide if this option is right for their institution.