Faster payments

The IATA said it's investigating how to apply faster payments to passengers, whether directly from the airline or indirectly via travel agents. Globally, airlines absorb more than $8 billion in costs for merchant fees and fraud.

Nacha has completed the third and final phase of the faster payments launch, requiring banks and credit unions to make Same-Day ACH funds available to depositors by 5 p.m. in local time.

Countries all over the world are embracing faster payment processing, and Di Challenor is one of the major forces behind the movement in Australia.

The network says more than $100 billion in Swift GPI payment messages are sent daily, enabling payments to be credited to the end beneficiaries within minutes — and some within seconds.

If they haven't already, card-issuing banks will soon receive a shock when the speed of PSD2's requirements becomes clear. Payments will have to happen faster, and the deadline to make that happen is fast approaching.

Global payment and fraud prevention provider Pelican is bringing its faster payments system to the North America market after working within the European SEPA Instant Payments scheme last year.

While Zelle is working hard to become the Venmo for grown-ups, it is also pushing into retail payments, particularly in opportunities for displacement of cash and check and where funds are needed in minutes rather than days or weeks.

PayPal has been working to expand Venmo's audience beyond millennials for more than a year, a strategy that it hopes to further with instant transfers.

The client groups aim to take an active role in shaping the future of payments.

The San Francisco startup behind the cryptocurrency XRP claims it can send money around the world faster, cheaper and with greater transparency.

Despite the mad rush among investors to buy up bitcoin, XRP and other prominent cryptocurrencies, these digital coins have largely failed to operate as instruments for payment. MoneyGram's deal with Ripple might change that, or it might be the first nail in the crypto coffin.

CSCU will continue as a separate, card-processing entity.

For all of the noise in the payments industry around transitioning to real-time and same-day digital payments — and in the mainstream media around the bitcoin craze — paper checks still persist as the preferred means of disbursement for the majority of business-to-business transactions.

Trellance is designed to offer credit unions innovation on programs and services.

As shopping habits evolve, e-commerce and m-commerce methods such as in-app and one-click ordering are becoming increasingly popular. In addition, the exponential growth of the IoT is introducing a wealth of new payment use-cases, such as connected cars, writes André Stoorvogel, Director, Product Marketing in the Payments Group at Rambus.

Some firms are investing in technology to help insurance clients shift to paperless payment processing.

The case for real-time payments isn’t just about instant gratification. Truncating settlement times has enormous benefits to FIs, businesses and even governments.

Banks and fintechs are competing heavily to modernize cross-border payments, and Citi is using its upgraded treasury unit to add speed to its own international cross-border digital payments capabilities in more than 60 countries.

In the new role, Kenneth Montgomery will lead the Fed’s efforts to reduce fraud risk and improve the security and resiliency of the U.S. payments system

Kenneth Montgomery will chair the Secure Payments Task Force, which is made up of more than 200 industry stakeholders who are working on a faster payment system in the U.S.