Faster payments

In the payments world, Scharf is best known as the CEO of Visa Inc. from 2012 to 2016, where his strategies for faster payments, fintech partnerships and other key issues may shed light on what he has planned when he becomes CEO of Wells Fargo.

Rep. Denver Riggleman, R-Va., explains why he has introduced legislation requiring greater transparency over the Federal Reserve’s forthcoming payment system.

One Republican lawmaker went so far as to suggest that Congress should try to block the central bank's effort, but Democrats said FedNow will promote competition in real-time payments.

The Clearing House is working to add its Real-Time Payments (RTP) network as a third payment rail for Early Warning Services’ Zelle P2P payments service and to enable Zelle bill pay and possibly point of sale transactions.

The Federal Reserve Banks put the brakes on their planned migration of the ISO 20022 messaging standard, delaying a three-phased migration established in 2017 that targeted November 2020 as the start of that process.

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.

Although those fintech companies whose primary service is the provision of faster payments may face a future threat for the proposed FedNow Service, fintech companies may also benefit from the availability of a Fed-led real-time payments network, Jeffrey Alberts and Dustin Nofziger of Pryor Cashman write.

The Fed's development of a real-time payments systems has sparked a pointless debate about paper checks.

Community banks and tech companies that are happy the central bank is building a next-generation system are not as pleased with its four- to five-year timeline. But big banks see the slow rollout as an opportunity to expand their own instant payment network.

The Fed's development of a real-time payments systems has sparked a pointless debate about paper checks.

The Clearing House has been quite clear that it did not think the Federal Reserve's FedNow real-time settlement service would be necessary. But some of its executives are rethinking that stance.