Faster payments

The San Francisco-based fintech is using JPMorgan Chase’s real-time payments service to power the new overdraft prevention tool.

From housing finance to Facebook’s crypto plans, moderators questioning the presidential candidates in Texas next month would have no shortage of financial policy topics from which to pick.

Readers react to the Fed's lengthy plan for a real-time payments system and Fifth Third's minimum wage increase, jab at Sen. Warren's absence on the Senate Banking Committee and more.

Vice Chairman Randal Quarles’ public dissent raises questions about how the board will proceed on other policy debates.

Three years ago, payments technology provider Dwolla submitted a 164-page proposal to the Federal Reserve's Faster Payments Task Force. This week, the Fed unveiled a plan for its own faster payments system, but Dwolla had already moved on to other projects.

Mastercard has spent more than $4 billion on investments so far in 2019 to thread a needle between several must-haves in the digital payments market.

Mastercard Inc. agreed to buy a payments platform owned by Denmark-based Nets for 2.85 billion euros ($3.19 billion), using its biggest-ever acquisition to help extend a push into faster payments.

The payments system, called FedNow, would go head-to-head against one built by big banks; the senator from Oregon wants Amazon to address vulnerabilities in its cloud data storage.

Addressing payment security and achieving interoperability with a rival, private-sector network are just some of the challenges the central bank faces in building a government-backed real-time payment system.

As part of its justification for developing its own government-backed system, the central bank said that leaving only a single fast network run by big banks constitutes a potential risk to the economy.