Irfan Ahmad, managing director and head of U.S. payments GTS at Bank of America, said instant payments will get a lift from some of the most basic, proactive approaches from businesses and financial institutions. “As simple as it might seem, education and awareness are still...
Nothing is harder to break than an established habit. But even the most entrenched behaviors often shift or evolve. Just look at the movement of money, which has undergone many transmutations throughout its long history. Now, the landscape of digital payments is undergoing a new...
Can instant payments transform transactions from waiting games to a real-time revolution? “There’s a certain expectation that instant payments means instant gratification,” Shaunt Sarkissian, founder and CEO at AI-ID, tells PYMNTS for our series: “What’s Next in Payments – Instant Payments: What will Turbocharge Instant Payments Growth in...
Andy McHale, senior director of product and market strategy at Spreedly, told PYMNTS that the future looks bright for faster payments here in the United States — and globally. Instant options, he said — during a conversation held as part of the “What’s Next in...
The Federal Reserve says 331 financial institutions (FIs) are employing the FedNow® Service, its real-time payments system. The service launched in July with 35 participants, and is expected to continue growing in 2024, the central bank said in a Thursday (Dec. 14) news release. “These are still early days...
The manufacturing sector is undergoing a significant transformation in its payment practices, with a growing emphasis on real-time payments. In fact, instant payments have emerged as the leading method for business-to-business (B2B) transactions in the sector, with over 99% of manufacturers already utilizing real-time payments...
With the advent of digital payments, instant reimbursements have gained popularity, providing employees with convenience and quick access to funds. However, there is still a need for businesses to promote and address concerns regarding instant payment options. In “Generation Instant: Business Expense Reimbursements,” PYMNTS Intelligence...
Five months since the FedNow® Service launched, Miriam Sheril, head of product, U.S. at Form3, told PYMNTS, there are some encouraging signs. Although it is early days, “from my point of view, FedNow is doing exactly what it was planned to do,” said Sheril. She...
Using instant payment methods can streamline the payment process and improve overall customer satisfaction, making consumers 11% more satisfied and nearly double their likelihood to remain as clients when instant payments are free. A PYMNTS Intelligence research study in collaboration with Ingo Money found that...
