Faster payments

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.

Regulators are calling for the boards of the three separate faster-payments initiatives to review and endorse the consolidation plan and complete most of the consolidation before the end of 2017.

The B-to-B payments market is ripe for digital innovation. Here are some of the most recent moves to bring B-to-B payments up to speed.