Faster payments

Janet Estep is nearing the end of her tenure as Nacha’s CEO, but she's no less devoted to overcoming the last hurdles to implementing faster payments.

Competition from the public sector in payment services has benefited the public and should not be discounted in the development of a real-time system, said Kansas City Fed chief Esther George.

Banks and governments around the world have invested in systems that seek to instantly transfer money between accounts, moves that could put pressure on the sprawling debit card business at the world’s largest payments network. But Visa Inc. Chief Executive Al Kelly isn’t too worried.

Cloud-based treasury software provider Kyriba is partnering with JPMorgan Chase to launch a real-time payments API integration for its mutual corporate finance clients.

Targeting a 100% gpi ratio for Swift payments among banks will be crucial to enlarging the global reach of payments, writes Marc Recker, global head of institutional market management and cash management for Deutsche Bank.

Seven European banks are testing Swift's Global Payments Innovation real-time cross-border payments through the continent's Target Instant Payment Settlement process.

The private sector will be able to provide more efficient and innovative technologies for the industry.

The private sector will be able to provide more efficient and innovative technologies for the industry.

The bank is hoping the venture will encourage more companies to use Quorum, the Ethereum-based blockchain it built five years ago.

Intuit Inc.'s QuickBooks is adding next-day ACH payments to its platform as a faster payments option for small businesses using its business management tools.

There are many motivations for implementing faster payments, such as paying gig economy workers after each job, sending funds overseas, or improving insurance payouts. In all of these examples, the demand comes from the payments recipient.

The reasons for banks to not embrace faster payments schemes are quickly dwindling. But many are still watching from the sidelines.

Arguments that the central bank should develop its own system for faster payments ignore current market realities, says The Clearing House, which has developed its own network.

A Toronto fintech is seeking share for distinct niche — and it thinks a three-year-old technology decision by Visa may be the ticket to its success.

CV Systems’ COO Randy Schmidt, BHMI Chairman Jack Baldwin and Mickey Goldwasser, vice president of Payrailz, discuss challenges and opportunities, for faster payments, back office gaps, and cross-industry cooperation.

Wells Fargo and the denial stage of recovery; community bankers alarmed after big banks backtrack on faster-payments pricing; credit card, auto loan delinquencies hit seven-year high; and more from this week's most-read stories.

Arguments that the central bank should develop its own system for faster payments ignore current market realities, says The Clearing House, which has developed its own network.

In 2016, a big-bank consortium said that it would charge the same prices to all institutions, regardless of their size. But now the group has added a large caveat to that pledge.

The speed of technological change is forcing Britain’s retail payments authority Pay.UK to redesign its core infrastructure.

As the faster-payments movement gradually increases the speed of transfers, the use cases for immediate debit push payments are becoming more specialized.