Real-time payments

After tests with several banks that established Swift's ability to connect its Global Payments Initiative faster payments rail to domestic networks, the financial and messaging standards organization is activating the service in the U.K.

HSBC for the first time is offering customers a way to send funds instantly across borders to other HSBC customers via a mobile device.

With Brazil's Central Bank launching the PIX instant payments network Monday, Uber and Ebanx quickly announced they are expanding their partnership to enable Brazilians to make instant payments through PIX for Uber rides and Uber Eats orders.

As futuristic as real-time digital payments can be, the concept is almost like a blast from the past for FIS’ Raja Gopalakrishnan.

Real-time payments carry a trove of valuable data for supply chains, and a way for card networks to grow beyond card-dependent revenue. The collaboration between Payments Canada and Mastercard’s Vocalink will go a long way toward both ends.

Mastercard and PayPal have added to an existing partnership by using Mastercard Send to support immediate access for debit transfers via PayPal's mobile in nine European markets.

A California startup and a century-old Missouri bank, which began using The ClearingHouse's real-time payments network this summer, say businesses have embraced the technology to pay suppliers and gig-economy workers and quickly close real estate deals.

Two smaller banks with strikingly different roots — a startup financial institution in Irvine, Calif., and a century-old Missouri-based bank — are seeing similar trends emerge around demand for real-time payments.

There's going to be a strong emphasis on the creation of financial products underneath innovative, customer-centric innovation from big tech companies, says FIS' Raja Gopalakrishan.

Nano Banc's president, Mark Troncale sits down with PaymentsSource's senior editor Kate Fitzgerald to discuss how the fintech decided to be amongst the first wave of small-to-midsize banks adopting The Clearing House's real-time payments solution. So how did it go?

Control of the U.S. Senate hangs in the balance in the upcoming election, with the outcome determining the direction of laws and regulations that can have a profound impact on financial services, technology, fintech and payments innovation.

Mastercard and ACI Worldwide are partnering to provide technology to help central bank infrastructure meet the demands of real-time payments during the COVID-19 pandemic and beyond.

Risking traditional profit generators in return for potential revenues down the line is a gamble many have not been willing to take. But immediate payments are coming to the U.S. whether banks like it or not, says Icon Solutions' Lauren Jones.

As the coronavirus pandemic has driven more people to work from home and shop online, the demands on digital, faster payment systems have been heightened — as have the opportunities for fraudsters to exploit them.

As the Federal Reserve's FedNow instant payments and settlement system enters into testing and use-case development phases, an emphasis on speed to market, ubiquity and compatibility with other systems remains in the forefront.

Speed stands at the forefront of any real-time payments deployment, but the real staying power in new payments innovation rides on the development philosophy of the platform itself.

Credit and debit cards, merchant apps and loyalty programs are being linked through a platform from U.K-based Fidel to provide real-time rewards, business expense management, digital receipts, and charity donations.

Baptist Memorial Health Care in Memphis, Tenn., is among the first to enable real-time payment posting into Epic systems and a single deposit that reconciles daily with the Baptist Memorial system.

With consumers and merchants alike sharing the need to be paid faster, the case for adopting real-time payments globally has quickly advanced during the COVID-19 pandemic.

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