And now comes the real test. Almost four years ago, the Federal Reserve announced that it would develop a “round the clock real time payment and settlement service” that would underpin faster payments. Enabling the instant transfer of funds 365/24/7 is, and has been, a...
India and Indonesia are reportedly planning to link their fast payment systems. The collaboration, as reported Monday (July 17) by Bloomberg News, is designed to spur cross-border fund transfers and would allow transactions to be settled in local currencies. The report, citing a senior Indian official, says...
When it comes to embracing new ways of doing things in payments — adopting standards, fostering new use cases — boring is good. Boring implies there have been no hiccups with the interplay between businesses and financial institutions (FIs). No surprises on the way to...
FinTechs and venture capitalists recognize the pain points inherent in payments — and are investing the time and money needed to modernize infrastructure around existing rails and create new paths for money movement and acceptance of new payment methods. A trio of payments experts told...
SumUp has partnered with Form3 to enhance its business account offering for United Kingdom customers. With this move, SumUp, a global FinTech that serves 4 million small businesses in 35 markets worldwide, will gain direct access to the U.K. Faster Payments Scheme (FPS) and Bacs Scheme, the companies said in...
“We have not launched a new payment rail since RTP, and the Fed hasn’t launched a new payment solution for a handful of decades. So this is a major shift.” Eric Foust, vice president of banking partnerships North America at Trustly, told PYMNTS that once...
Dapi and Mastercard have partnered to provide account-to-account (A2A) payments in the United Arab Emirates (UAE). With this strategic partnership, Dapi, a UAE-based FinTech company, will launch A2A payments on Mastercard Payment Gateway Services (MPGS), the companies said in a Thursday (June 1) press release. “This is a significant milestone...
Adyen, the financial technology platform that powers the likes of Facebook, Uber, H&M, eBay, and Microsoft, has launched its Payout Services. This offering allows Adyen customers to payout acquired funds in the preferred method of their affiliated users or partners up to three days faster....
As demand for faster payments increases around the world, financial institutions (FIs) in Europe are having to beef up investment in real-time data and payment processing infrastructure to meet the needs of their corporate clients. But it might take a while for those investments to...
