P-to-P payments

Redwood CU's home-grown pay-by-text solution won a prestigious award recently, but the credit union is already looking at ways to build even more functionality into it.

Google's mobile wallet has gone through several iterations, but the most recent — Google Pay — signals a significant turning point for the company's mobile wallet strategy.

Geoswift has launched an inbound P2P money transfer service in China — offering the flip side of its core services supporting tuition and other corporate payments for Chinese students, workers and tourists who are outside of their home country.

As consumers spend more time interacting over social media and messaging platforms, those providers are making sure that they can also make payments related to any topic of conversation. But the arrival of Apple Pay Cash is complicating the market.

Bank of America on where its AI hopes (and worries) lie; Zelle founder Paul Finch announces his leave from the payments network; the one area where banks and fintechs want more regulation; and more from this week's most-read stories.

"It was a difficult decision, but we’re at a good spot to do this,” Finch, 55, said in an interview.

Wells Fargo is doing everything in its power to make its app the go-to choice for any interaction that involves money.

The irony of the explosive growth of mobile P2P is this: As consumers get more comfortable with paying one another through mobile devices, they're thinking of P2P less as a service that one should find within a bank's app.

The expansion of Visa Direct is designed to speed disbursements for health care patients who can receive an instant payment versus waiting several days to a week for payout.

Regardless of which bank a consumer uses, the Zelle interface should look more or less the same. This is the part of the customer experience Zelle controls and sells to consumers, making it the best way to deliver its security message.

Australia is the latest country to enable Faster Payments with the February 2018 launch of the New Payments Platform. It's 10 years behind the U.K.'s version, but benefits from a decade of experience and observation.

The rise of digital options is evolving payments from infrequent large transactions to a constantly flow of smaller payments, and companies that don't adjust risk being left behind, according to Luis Valdich, managing director of venture investing at Citi Ventures.

In addition to changing the name of the Consumer Financial Protection Bureau, the acting director wants to also nix public complaints; the good, bad and ugly in Zelle's ascendance; a case study for digital outage recovery; and more from this week's most-read stories.

PayPal and Barclays have formed a strategic partnership enabling Barclays customers in the U.K. and U.S. to manage their Barclays and PayPal accounts within each app.

Banks using Zelle share the good, the bad and the indifferent of the person-to-person payment network.

There are lots of layers technology risk-mitigation features, and in addition, network-level mitigation is provided as well, writes Robb Gaynor, chief product officer at Malauzai.

The bank-led P2P service Zelle is on track to move more than $100 billion at its first anniversary in June — a milestone that is at odds with overall consumer awareness of digital P2P options.

Bill.com has implemented a strategy to make B2B payments more like Zelle or Venmo, removing the same pain points that those P2P apps do for consumer payments.

Several states have created their own operations aimed at shoring up what they see as oversight holes created by the CFPB; JPMorgan CEO’s annual letter (47 pages, this one) runs the gamut.

In deploying the Social Pay money transfer service, ICICI Bank says it is the first bank in India to allow nonresidents to send money to family and friends in the country for special occasions like festivals and birthdays.