Faster payments

If the Federal Reserve doesn't maintain an active role, Wall Street megabanks could take over the payments system.

Lawmakers including presidential hopeful Elizabeth Warren have introduced a bill that would put the Federal Reserve in charge of creating its own real-time payments network.

Whenever we have major industry changes generating uncertainty, it’s usually a safe bet that fraudsters find ways to manipulate the situation before we know how to secure it against them, writes Monica Eaton-Cardone, COO of Chargebacks 911 and CIO of its parent company Global Risk Technologies.

Swift completed a seven-country trial of its cross-border GPI Instant payment service resulting in the successful integration with Singapore’s domestic instant payment network FAST.

In immediate, unrestricted availability of funds, the only true providers are those networks operated by banks or other financial institutions, writes Jack Baldwin, CEO of Baldwin Hackett & Meeks.

The bank is taking a concept that has worked for years in the credit card world — artificial-intelligence-based fraud detection — and applying it to corporate customers' transactions.

Often overlooked as prospects by financial services institutions who have increasingly focused on the wealthy, hourly workers represent a massive pool of underserved consumers with distinct financial needs.

The pressure on banks, financial institutions and payment service providers to act as effective gatekeepers in the fight against financial crime is intense. Real-time payments considerably complicates that challenge, writes Sophie Lagouanelle, head of solutions at Accuity.

Banks don't compete with each other enough to effectively lead the move to faster payments in the U.S., argues CMSPI's Mark Horwedel.

The Clearing House's Real-Time Payments hasn't grown as fast as it would like, but recent small-bank adoption is providing momentum for a network that assumes the Federal Reserve won't start its own real-time service.