Faster payments

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.

The central bank said the proposed measure governing transactions on FedNow — a real-time service expected to be available in 2023 — would be similar to the framework for the current Fedwire Funds Service.

American banks and their clients now see a business case for ISO 20022 as they expand cross-border and real-time transactions.

The bank anticipates strong demand from businesses that want to settle invoices faster. It also wants to get ahead of competition from fintechs offering similar services.

ISO 20022 prioritizes speed and security, creating a runway for major new innovations like machine learning, says NICE Actimize's John Buzzard.

Legacy vendors are competing more aggressively to modernize payroll, insurance payouts and data sharing.

The credit union service organization's newest clients want it to build services such as cross-border payments and simpler bill pay.

The credit union service organization's newest clients want it to build services such as cross-border payments and simpler bill pay.

Four out of five gig workers want faster payments, and most have less than $500 in savings, according to a study by Branch and Marqeta.

It is the largest global treasury bank so far to implement Mastercard’s direct debit service.

Comdata has launched Fintwist OnDemand to provide instant earned wage access services to working adults amid an increasingly crowded market for faster payroll payments.

The company’s payments services business has struggled during the pandemic, but executives are counting on commercial clients’ embrace of real-time payments to help fuel the unit’s growth in 2021.

Banks have borne the brunt of the criticism from consumers still waiting for coronavirus relief funds to land in their accounts. But the industry says the lag time is the fault of the government and its antiquated payments system

Building the processing tech was the easy part. Finding the right mix of users and transactions posed many challenges.

Building the processing tech was the easy part. Finding the right mix of users and transactions posed many challenges.

More people are joining the gig economy, and a major driver of this trend — particularly for those working multiple gigs — is a need for faster access to cash to meet expenses.

The COVID-19 pandemic led many locked-down consumers to stream or download more movies and video games, and this trend is leading to a rise in demand for faster data services such as 5G — a potential driver of payments innovation.