Small FIs and major retailers say the Federal Reserve can pave the way to provide a ubiquitous, real-time payments (RTP) system. However, The Clearing House argues that its own RTP rails are here and working, while adopting a second system could mean costs and delays....
It’s expected that more than 56 real-time payment rails will be live by 2020, and the U.S. is hoping to attain real-time payments ubiquity by that point. The demand for faster payments is strong in the U.S., but not all financial players agree on how...
“Can we all just agree that real-time access to money isn’t going to be an option anymore?” said Ingo Money CEO Drew Edwards. That’s how Friday’s conversation between Edwards and Karen Webster started. Yet, according to the latest Disbursements Tracker, a collaborative effort between Ingo Money and PYMNTS,...
There’s a canary in the faster payments coal mine. It flew in on Dec. 14, the Friday before the week before Christmas, so you might not have noticed. That was the day that an advocacy group, Financial Innovation Now (FIN), submitted a public comment letter...
SWIFT said Tuesday (December 18) that its SWIFT gpi payment service is being used for more than half of SWIFT’s cross-border traffic. In a press release, SWIFT said that 55 percent of SWIFT’s cross-border traffic has been via SWIFT gpi, with hundreds of billions in payments...
Amazon, Apple and Google are among the large tech companies that are throwing their support behind the creation of a real-time payments network in the U.S. led by the Federal Reserve. According to a report in the American Banker citing a letter submitted by a trade...
It's a daunting challenge for a country to create its own real-time gross settlement (RTGS) system, much less seamlessly migrate to it. However, third-party infrastructure providers can ease that burden, says SIA’s Mario De Lorenzo. In the latest Faster Payments Tracker, De Lorenzo tells PYMNTS...
The uptake of faster payment systems keeps going up — and up, and up. In fact, the number of Same Day ACH transactions rose by 192 percent in Q3 2018 over the same period from the previous year. EBA CLEARING’s RT1 system, meanwhile, has processed...
There’s no denying it: Customers want quick — even instant — access to funds that are rightfully theirs, which means payments are moving in and out of businesses at an ever-quickening pace. But there’s no denying this, either: Even businesses that are eager to meet...
