Real-time payments

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.

The Fed's faster payments platform may well roll out in three or four years, but by then it will already be outdated.

The past few months have provided no shortage of crises that call out for faster access to funds, giving developers a new impetus to hasten transaction processing.

The central bank released new details about FedNow, which officials hope to get off the ground before a 2023 or 2024 target launch date.

The measure would release $2 million in funding for the U.S. Postal Service to launch pilot programs to provide basic services such as checking accounts and bill payment.

The agency's voice carries even more weight in light of the coronavirus pandemic, which has hastened the transition to digital and remote payments.

Payments in Brazil are about to make a significant pivot, turning a country in which consumers rely heavily on cash and remain skeptical about payment cards into the next region to pioneer faster payments.

DBS Bank India is offering a real-time digital payment service for truck drivers and supply chain companies that generally have round-the-clock operations and large transaction volume to cover employee expenses.

Mobile and contactless payments have generated more consumer attention as ways to safely move money during the coronavirus pandemic, but there's also a growing wave of support for The Clearing House's Real Time Payments network for banks.

Coronavirus has taken a massive toll on suppliers, and emerging invoice methods are getting thrust into the mainstream to rescue cash-strapped businesses.

Millions of Americans have yet to receive their stimulus checks, leading progressives to demand reforms improving underbanked consumers’ access to the financial system.

PayPal is temporarily waiving fees for consumers using its app to accept government and payroll checks during the coronavirus pandemic.

Governments are directly advancing real-time digital payments — a welcome move for Ripple, which is applying its relationship with MoneyGram and a growing base of eager partners to expand its network.

Hungary’s domestic debit network GIRO has launched instant payments through Nets’ RealTime24/7 platform after months of testing.

The Fed can take steps now to speed up existing networks.

The Fed can take steps now to speed up existing networks.

The central bank of Brazil will launch the Brazilian Instant Payments Scheme, or PIX, in November as the single brand for instant payment functionality.

Ken Montgomery, who is heading up the Federal Reserve's faster payments network, says the agency is taking an incremental approach to launching the service.

To address immediate market demand but allow time for the project to be done right, the official leading implementation of FedNow says the central bank envisions an initial release in 2023 or 2024 followed by subsequent updates.