Faster payments

Swift is working with more than 20 banks in its network to test a service designed to help consumers and small and medium-size companies send low-value cross-border payments with the same speed and transparency benefits larger banks enjoy on Swift rails.

Processing transactions quickly enough to serve digital commerce comes with arduous upgrades and complicated choices, but that's only the stick. The carrot is people like faster payments, so there's plenty of opportunities to boost payment revenue.

The central bank must engage core processors, community banks and The Clearing House if it wants to move quickly on building out its FedNow system.

As the coronavirus pandemic has driven more people to work from home and shop online, the demands on digital, faster payment systems have been heightened — as have the opportunities for fraudsters to exploit them.

The central bank must engage core processors, community banks and The Clearing House if it wants to move quickly on building out its FedNow system.

As the Federal Reserve's FedNow instant payments and settlement system enters into testing and use-case development phases, an emphasis on speed to market, ubiquity and compatibility with other systems remains in the forefront.

After two years of helping banks connect globally to domestic faster payments rails, Swift is planning to expand on that concept.

After two years of helping banks connect globally to domestic faster payments rails, Swift is planning to expand on that concept.

The fintech, which spent most of the last decade touting various alternative ACH-powered faster payments approaches, is adding the more mainstream option of debit push payments in its latest iteration.

The pandemic has spurred a major push toward speedier digital transactions, making it an expeditious time for the Faster Payments Council to expand the range of input it gets to expand its mission.