Payments

Cash is not dead, but the burdens of ensuring access threaten to break long-standing ecosystems that sustain traditional payments.

The Federal Reserve’s FedNow instant payments system will dramatically speed up payment processing, essentially allowing people and businesses to receive money in their accounts within seconds of a transaction, says the Retail Industry Leaders Association's Austen Jensen.

Ripple is collaborating with financial software company Finastra, boosting both companies' reach in the cross-border transaction market.

Any entity questioning Libra runs up against the longstanding legal precedent set by private label gift and GPR, and myriad other prepaid account offerings, says payments consultant and researcher Richard Crone.

Libra poses risks not only to global financial systems, but also to existing companies’ broader payments business, Senator Sherrod Brown of Ohio and Senator Brian Schatz of Hawaii said in letter on Tuesday to Visa Inc., Mastercard Inc. and Stripe Inc.

The Swiss National Bank and stock exchange SIX will jointly explore how to make central bank digital money available for the trading and settlement among financial market players.

Companies like Stripe provide a needed source of capital, but should expand lending beyond their existing base, says Become's Eden Amirav.

Europe's PSD2 doesn't directly impact Hong Kong, but its monetary decision makers support open banking frameworks, sparking a network of banks to support that effort through the help of HSBC and Swift.

Delinquencies on indirect auto and home equity loans are trending up, while past-due rates on credit cards are declining, according to a recent report by the American Bankers Association.

Rather than homing in on specific methods to accommodate real-time payment processing, Wells Fargo realized a mix is the best bet to avoid inadvertently leaving parts of its client base in the dark.