Faster payments

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.

Randal Quarles, a senior Fed official and chair of the Financial Stability Board, sparked debate with a speech about the risks and rewards of companies like Amazon, Facebook and Apple entering the financial system.

The Clearing House announced moves to attract community banks and credit unions to its real-time payments system. Smaller depositories have generally been reluctant to sign up with what is seen as a large-bank effort.

Seeking a way to help its employed shoppers manage their money, the Instacart grocery payments and delivery service is partnering with e-commerce payments provider Stripe to offer an Instant Cashout option.

Despite some significant advancements in the past two years, rifts are already developing in the U.S. move to faster payments.