Faster payments

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?

An influential task force established by the central bank envisions a future in which the U.S. has multiple real-time payment systems, and in a new report it lays out a series of actions that will be necessary to stitch them together.

American card processor has a deal for its British counterpart; after passing Fed tests, banks still stressed by weak lending, low interest rates.

Though they face an array of competitive threats — from digital currencies to peer-to-peer payment apps — the vast majority of community banks do not have a payments strategy, according to a recent survey.

Real-time payment processing is drawing more attention to tangible use cases, such as helping workers pay bills that are due before they receive their salary.

The move to faster processing has a lot of names, but the most important advancement will be the certainty that the transaction was successfully completed, writes Gene Neyer, head of industry and regulation at Finastra.

Particularly at risk are service providers with high volumes of automated or customer-initiated debit payments, such as cell phone service providers, utilities, cable companies, insurance, and retailers.

The move comes as more banks migrate to faster processing to support mobile payments and other digital transactions.

Payments professionals have done too little to leverage transformational changes in technology to improve the overall client experience.

One of the goals behind Canada's payments overhaul is to get it right the first time.

With over five years of experience in handling real-time business-to-business payments, Transpay has learned that there's more to faster payments than just moving funds. The system has to accommodate a cleaner, rapid process for resolving any issues that arise along the way.