Faster payments

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.

A new study released by the prepaid issuer MetaBank finds that most consumers want businesses to use faster payment methods when sending them money for refunds, rebates and claim payments.

Kenneth Montgomery, a top executive at the Federal Reserve Bank of Boston, will head the push to make faster payments available across the industry in the next four to five years.

Gregor Dobbie is taking on the role of CEO of Vocalink as the company looks to expand its B2B payments business in the U.K.

Were the Fed to develop its own payments platform, it would be expensive, duplicative, inefficient, and curtail development of real-time services, argues the National Taxpayers Union's Thomas Aiello.

Expense management provider Bento for Business has launched its Bento Pay B2B payment app with partner Dwolla, which has specialized in B2B payments the past few years after initially operating mobile wallet and financial institution faster payment services.