The year 2020 looms large in the payments realm, marked off by the Federal Reserve as the year faster payments are to be truly commonplace, available to U.S. consumers and to businesses, standard practice across transactions of all sizes. The goal is an ambitious one,...
The U.S.’ first new payment and clearing system in more than 40 years is up and running. At 4:59:40 p.m. on Monday (Nov. 13), $3.50 was moved between accounts at two different banks (there was only one customer with two bank accounts) via RTP, the name for...
Fourteen months since the Phase 1 roll out, 43 percent of financial institutions (FIs) now allow businesses to originate same-day ACH credit. However, 25 percent of FIs still do not offer SDA origination to business customers, given the lack of support from core processors and...
Recent cyberattacks and breaches raise an important question for U.S. companies and FIs: How to prepare for the inevitable next one? In this month’s PYMNTS Faster Payments Tracker™, powered by NACHA, Bill Nelson, CEO of the Financial Services Information Sharing and Analysis Center (FS-ISAC), discusses...
The recent Equifax data breach and a string of ransomware attacks in Europe have raised several questions around cybersecurity. And, arguably, one of the most important questions is how businesses and FIs prepare to respond to the next cyberattack. The November edition of the PYMNTS...
What will it take to save the trees? To cut out the cutting of checks? In a long-running series, Ingo Money CEO Drew Edwards has delved with PYMNTS’ Karen Webster into the lures and values of push payments, where money is moved directly onto users’...
P2P FinTechs like Venmo and Square Cash gained popularity by winning over millennial users, which was rad. Now, the bank-backed platform Zelle is escalating competition by targeting millennials and their parents. Is it game on? In this month’s PYMNTS Faster Payments Tracker™, powered by NACHA,...
The Department of Justice (DOJ), coming off a nearly year-long antitrust review, has signed off on a real-time payment network that is being created by JPMorgan Chase, Citigroup, Bank of America, Wells Fargo and other banks. According to a report in The American Banker, with...
When today’s consumers need something, they expect to get it right away. Whether it’s summoning a ride, checking information or downloading music or media, the expected wait time is seconds, not hour or days. In the world of payments, the need for instant gratification is...
