Faster payments

Mastercard is working with Starling Bank as its strategic partner to settle funds sent within the U.K. through its Mastercard Send service.

Intuit has added new features to QuickBooks Payroll so employers can make payroll at the last minute, delivering same-day paychecks to workers with the option to make direct deposits to contract employees.

The companies have built a product that attempts to beat the current standard of next or same day settlement.

The expansion of Visa Direct is designed to speed disbursements for health care patients who can receive an instant payment versus waiting several days to a week for payout.

Payment system change in the United States has always benefited from a consensus-driven approach that incorporates the views and behaviors of many, financial institutions, payment processors, technology providers, merchants, regulators, consumer advocates and others, writes Michael Bilski, CEO of North American Banking Company.

Australia is the latest country to enable Faster Payments with the February 2018 launch of the New Payments Platform. It's 10 years behind the U.K.'s version, but benefits from a decade of experience and observation.

Financial institutions providing funds via the Fed's same-day ACH transfers need to their systems protect their customers, are commercially reasonable and, most important, follow strictly the protocols the financial institution has agreed to with its customer, writes Alexander Buchanan, counsel at Waller Lansden Dortch & Davis LLP.

Contractor invoices are sent up a long string of approvals and payment is sent back down that long string before they are ultimately paid, writes Will Mitchell, co-founder and CEO of Contract Simply.

Financial institutions in the U.S. are not only under tremendous pressure to determine how they’ll become a part of the new Federal Reserve-driven faster payments ecosystem, but also what the shift to immediacy will mean to their current operating model, long-term strategy, and future relevance to consumers and corporates, writes Bruce Lowthers, COO at FIS.

Driving an Uber car isn't like many other jobs, and drivers' payments and expenses are also very different. Much of those differences are built on Green Dot technology, and the bank is ready to see if its platform can work for more than just Uber.