Faster 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.