Real-time payments

Only 111 credit unions currently use The Clearing House's real-time payments platform, out of nearly 5,000 nationwide, but having the world's largest credit union in the system could lead more to join.

Real-time payments and a potential central bank digital currency are different initiatives, but many bank customers get them mixed up. To promote acceptance of FedNow, banks must distinguish between these new technologies as well as dispel the myths and fears linked to CBDCs.

Three months after the instant payment network went live, users and former Fed staffers say the rollout is going as expected. But the key to wider use depends on banks and their customers figuring out what to do with it.

Brazil's PIX network has sparked a venture-capital boom in an otherwise down economy, including interest from U.S. investors.

Because instant settlement is irreversible, companies like Orum expect to see demand for systems that can vet recipients within seconds.

California-based Star One is sharing its experience with smaller banks and credit unions, in an effort to get more to offer the government-backed real-time payment rail.

Wells Fargo leads $70 million funding effort targeting credit-challenged entrepreneurs; PayPal adds Tap to Pay for Venmo, Zettle; Amex names new CFO to succeed retiring veteran finance chief and more in this week's banking news roundup.

Discover Bank launches financial health fund, Cross River Bank climbs past real-time payment transaction benchmark, Webster funds financial education at youth-focused nonprofits and and more in this week's banking news roundup.

Banks that haven't built a plan to implement the Federal Reserve's new real-time payments system still have time to make up lost ground.