Faster payments

We’re just at the beginning of what will be a period of significant, lasting changes to the world of real-time payments, says FIS' Raja Gopalakrishnan.

Nano Banc's president, Mark Troncale sits down with PaymentsSource's senior editor Kate Fitzgerald to discuss how the fintech decided to be amongst the first wave of small-to-midsize banks adopting The Clearing House's real-time payments solution. So how did it go?

In the two months since earned wage access (EWA) provider Immediate launched Visa Direct as a payment option, the near real-time method is already accounting for 50% of its payments.

Control of the U.S. Senate hangs in the balance in the upcoming election, with the outcome determining the direction of laws and regulations that can have a profound impact on financial services, technology, fintech and payments innovation.

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.

With consumers and merchants alike sharing the need to be paid faster, the case for adopting real-time payments globally has quickly advanced during the COVID-19 pandemic.

With the USPS emerging as an election-year flashpoint, postal banking is an idea that could gain steam. But a number of proposals are out there, and they have wildly varying implications for financial inclusion.

Citigroup’s $900 million payment blunder in a normally low-profile part of the financial market dominated by a handful of banks has experts wondering if regulators will uncover a deeper problem.

The Fed's faster payments platform may well roll out in three or four years, but by then it will already be outdated.

As the coronavirus pandemic began, PayActiv waived fees for its earned wage access (EWA) user base. Eventually those fees returned, but they did not deter adoption.

For real-time payments to become a standard in U.S. billing and payment processing, businesses have to want what providers are developing. And that acceptance, or the interest in having an RTP option, is on the rise.