Real-time payments

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.

The success of central bank digital currencies will be directly tied to their usability — by both individuals and businesses.

To appeal to a younger audience, credit unions are teaming up with third parties that can help them offer Bitcoin accounts, real-time payments and other cutting-edge services.

ICBA Bancard will help link community banks to instant payments through a partnership with real-time services hub provider Finzly.

The national debit network Interac is working with Payments Canada, which oversees the country's payment system, on an instant payment rail while demand from local shoppers and a need for faster supply chain finance grow more pronounced.

Banks and businesses want a connected system that "just works," regardless of which rail the senders and recipients use. But there is no consensus on how to make that happen.

By 2023, the Federal Reserve expects to launch a service that would allow businesses and consumers to complete payments in real time. But a digital currency it's now studying could have similar benefits — while potentially removing the need for bank intermediaries.

Billers have long had the edge in handling users' bill payments. Fiserv says it can change that through faster transactions, but it faces fresh competition from fintechs.

Allied Payment Network is linking to the digital banking platform of Tyfone for community banks and small businesses.

American banks and their clients now see a business case for ISO 20022 as they expand cross-border and real-time transactions.

The bank anticipates strong demand from businesses that want to settle invoices faster. It also wants to get ahead of competition from fintechs offering similar services.