Faster payments

Sourcemedia's annual PayThink conference is always productive and informative, and this year's event was no exception.

Merchants increasingly fall short of security standards as digital commerce innovation pressures risk management.

As the major banks grapple with the slow and steady implementation of The Clearing House’s Real Time Payments (RTP) system, one organization, Ingo Money, is forging ahead in delivering faster payments for its clients and their customers using the card networks’ push payments rail.

More than half of U.S. financial institutions have made same-day ACH funds available without seeing any major shifts in fraud. But observers warn that as same-day ACH introduces broader access and bigger transactions, it will become a bigger temptation for fraudsters.

The Office of the Comptroller of the Currency has been taking the lead on a federal license for fintech firms, but the central bank will decide if such companies can access the payments system and other benefits.

Uber’s corporate existence has jumped from one PR crisis to another, but the company has always been lauded for how seamlessly it handles payments. Until now.

PayPal's new Funds Now service should be the norm, according to the company, which will provide immediate funds access to small businesses in good standing.

The Society for Worldwide Interbank Financial Telecommunication says a pre-validation system it will launch soon to catch payment message mistakes prior to dispatch should increase the number of payments reaching beneficiaries in less than 30 seconds.

Giro Zrt, a Hungarian financial services industry organization that operates a domestic automated clearing house payments network, is teaming with the payments service provider Nets A/S to create a national instant payments service.

While there are automated reconciliation and straight-through processing (STP) solutions for large businesses, small businesses, in particular, continue to be underserved due to their smaller and less frequent invoices, contends Blair Jeffery, COO of Noventis.