Will the G20’s campaign for faster payments have unintended negative consequences? A new report by the U.K.’s Future of Financial Intelligence Sharing (FFIS) said plans to make digital payment systems faster by 2027 ignore the risk of heightened vulnerability to financial crime and money laundering. As PYMNTS...
In a fast-paced business environment, the demand for flexibility in financial transactions is paramount, and non-recurring ad hoc payments account for nearly two-thirds of the monthly revenue of small and medium-sized businesses (SMBs), per recent PYMNTS Intelligence research. This reality emphasizes the importance of efficiently...
As the payments industry gears up for 2024, exciting transformations are on the horizon. Many, in fact, are already here. And for those transformations that are just around the corner, they are often chasing existing consumer behaviors and business demands around speed, convenience and security....
In today’s world, convenience and efficiency are more highly valued than ever. Therefore, it would seem that instant payments, or the ability to transfer money in real time, allowing for immediate access to funds and faster settlement of transactions, would be a hit among both...
We have come a long way since the U.S. Mint issued the first dollar coins. And while the evolution of money didn’t happen in an instant — really, it took centuries — the transfer of money is now increasingly instant itself. But what will it...
Mollie Curran, payments lead at Plaid, said a sea change is ahead for instant payments and for widespread adoption across a range of use cases. In the United States, she said, “we’ve been talking for years about instant payments — and it’s been more of...
Jon Budd, CEO of Juniper Payments, a PSCU company, said instant payments, over the long term, will see a blossoming of use cases and demand from financial institutions’ corporate and consumer clients. As it stands now, only about 3% of financial institutions have signed on...
Ruben Salazar, senior vice president and global head of Visa Direct, told Karen Webster that the transition from traditional, ACH transactions toward faster payments is underway — but is not without its frictions. More than 100 countries have launched, or are in the process of...
Instant payments have been available across the payments landscape for years. But what will it take for it to scale enough and successfully challenge the traditional payment methods most end-users are accustomed to? “Education is going to be key for all the players in the...
