Real-time payments

U.S. Bank's $600 million fine for AML lapses quickly drew readers attention, while acting CFPB Director Mick Mulvaney got the Cordray treatment on Capitol Hill and big banks made moves to speed real-time payments.

Early adopters of The Clearing House’s Real Time Payments network have built gateways and accelerated fraud detection systems.

Early adopters of The Clearing House’s Real Time Payments network have built gateways and accelerated fraud detection systems.

As an industry, we owe it to our customers and end users to deliver banking and payments that function in real-time and meet their expectations, writes Paul Kobos, senior vice president of banking & payments for Gemalto.

Putting money directly in people’s pockets requires more speed and efficiency through innovative technologies and payments systems, writes Deirdre Ives, managing director of Wirecard North America.

The case for real-time payments isn’t just about instant gratification. Truncating settlement times has enormous benefits to FIs, businesses and even governments.

This week's first transaction over The Clearing House's Real-Time Payments system may be a huge step for speeding up payments in the U.S., but it also highlights the long road still ahead.

The system went live Monday with a real-time transaction between BNY Mellon and U.S. Bank. Those banks will soon be joined on the network by Citi, JPMorgan, PNC and SunTrust, which together represent the financial industry’s earliest adopters of RTP.

Bipartisan proposal would remove the SIFI label from more than two dozen banks; European regulator cautions investors on the risks as bitcoin price plunges.

The Clearing House has become one of the first Mastercard-certified, third-party token service providers on behalf of issuing banks.

The Federal Reserve Board governor sketched out a future in which U.S. banks remain at the center of commercial transactions.

Same-day ACH debits rolled out last month, a year after same-day credits, cutting processing time for these payments from a couple of days to a few hours — but for many emerging use cases, that’s not fast enough. And debit is filling the void.

Following an antitrust review that lasted almost a year, the approval would appear to cement The Clearing House's status as the front-runner in a race to modernize the U.S. payments system.

The central bank said Wednesday that it will assess a range of options regarding its operational role in a modernized payment system, an issue that divides large and small banks.

New European standards require greater data sharing to accommodate faster transaction processing, mobile payments and other digital efforts — a trend that is also inspiring new collaborations across the pond.

Fiserv's acquisition of U.K.-based real-time payments provider Dovetail Group Ltd. is a move made with a global vision in mind.

Four months after partnering with linked2pay's Bank Centric Payments platform, ICBA Bancard says it will support real-time posting of payments for community banks and their small business customers.

Purchasing VocaLink has cost Mastercard more than $900 million and some regulatory headaches, but the investment has to potential to spark new payment products and facilitate the card brand's pursuit of faster processing.

In early fall, the central bank is expected to announce its next steps regarding how to improve the aging U.S. payments system.

For the last two years, the central bank has allowed the private sector to drive a process aimed at modernizing the nation's payments system. Now the Fed will have to determine what its own role will be.