Faster payments

Faster processing can accommodate digital payment options in line with upcoming regulations and advancements in neighboring countries.

Same-day and real-time payment products are designed for basic transfers that don't meet the more complex needs of Lyft's ride-sharing service, contends Ashwin Raj, Lyft's vice president of payments.

A year after launching the same-day Automated Clearing House process for credit payments, Nacha says same-day ACH for debit payments began Friday.

Rather than waiting one to three days for funds through the Automated Clearing House system, merchants will be able to receive settlement payments straight to their debit cards within minutes through a partnership between Visa and the processor Vantiv.

The U.K.’s Payment Systems Regulator and the Bank of England have officially formed the New Payments Systems Operator (NPSO), a regulatory body that will soon replace three existing payment systems.

Fifth Third's Melissa Stevens targets millennials with new app. Meanwhile, regulators are accused of ignoring millennials. Plus, a Goldman Sachs wealth manager sues for discrimination.

As the next step of Nacha's faster payments initiative nears, technology and management adjustments may be required to handle increased overdraft risk.

The central bank said Wednesday that it will assess a range of options regarding its operational role in a modernized payment system, an issue that divides large and small banks.

New European standards require greater data sharing to accommodate faster transaction processing, mobile payments and other digital efforts — a trend that is also inspiring new collaborations across the pond.

The advancement that we are seeing in terms of API Banking in the payments domain makes it evident that the overall banking system is moving toward an open banking framework, writes Satya Swarup Das, a senior architect for the global banking practice at Virtusa.

Dave Sapenaro, first vice president and chief operating officer at the Federal Reserve Bank of St. Louis, will oversee the Fed's payments system improvement initiatives.

The Society for Worldwide Interbank Financial Telecommunication (Swift) will provide U.S. banks with a gateway to The Clearing House's real-time domestic payments platform.

Connected devices, mobile and new processing standards require a larger technology upgrade than the quick updates of the past, according to Rajesh Venkatraman, director of worldwide payments at IBM.

With clients seeking a faster way to reimburse employees for expenses, Shoeboxed turned to payments technology provider Dwolla to help create Fetch.

One of the critical unanswered questions early in the Single Euro Payments Area process and the new Payment Services Directive in Europe was whether banks would pony up for needed technology upgrades.

A task force convened by the Federal Reserve released its evaluations last week of 16 proposals to build a faster U.S. payment system. What follows is a brief look at some of the plans that received high marks.

A task force convened by the Federal Reserve released its evaluations last week of 16 proposals to build a faster U.S. payment system. What follows is a brief look at some of the plans that received high marks.

In early fall, the central bank is expected to announce its next steps regarding how to improve the aging U.S. payments system.

For the last two years, the central bank has allowed the private sector to drive a process aimed at modernizing the nation's payments system. Now the Fed will have to determine what its own role will be.

Same-day Automated Clearing House transactions exist, in part, as a first step in the faster payments initiatives taking place in the U.S. But are they lucrative enough for acquirers to add to their portfolio?