Payment processing

About $2 billion changes hands daily for the sale of new motor vehicles in the U.S., making auto dealers a prime use case for faster payments. So why aren't more using it?

The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.

Real-time payments and FedNow were top of mind at The Clearing House's annual conference this week. Here's how banks and payment companies see RTP's potential evolution.

The card lender took full control of Swisscard from UBS; the Financial Conduct Authority is bringing installment lending regulations in line with other consumer financial products; and more payments news from around the world.

The Cincinnati-based bank aimed for consistency in the third quarter as it built on strategic initiatives. Executives expect "record" net interest income next year.

The BNPL industry is growing at a fast clip. Australia-based Zip's new CEO for U.S. operations is looking to carve out a place in what is becoming a crowded industry with expanded merchant partnerships and a Pay-in-8 product.

The bank's acquisition of embedded finance firm Rize Money and collaboration with open banking firm Trustly will enable the bank to grow real-time processing, account-to-account transfers and address emerging compliance challenges.

Since launching in summer 2023, the government-backed instant settlement network has attracted hundreds of financial institutions, but there is still room for growth.

The trucking and transportation industry is highly fragmented with hundreds of thousands of participants and different processing systems. The $1 trillion in revenue has drawn processors and card companies armed with new tech.

Federal Reserve Board Gov. Christopher Waller said interlinking instant payments systems could come with a steep price tag for banks and heightened risks for customers.