Walmart is reportedly enhancing its pay-by-bank offering via a partnership with Fiserv. The retailer began offering pay-by-bank with Walmart Pay earlier this year, Bloomberg reported Thursday (Sept. 19). But those transactions, processed through the Automated Clearing House, typically took three days to finalize. Under the...
If business and commerce are always on in the digital age — existing as 24/7, year-round endeavors — so must the settlement systems that enable a broad range of transactions. In a Sept. 11 letter to central bank chairman Jerome Powell, a group of senators...
First Citizens Bank now lets customers receive instant payments via the RTP network. The offering is open to business and consumer banking customers, allowing them to receive secure, instant payments in their savings and checking accounts, the bank announced Tuesday (Sept. 10). “In today’s fast-paced financial environment,...
Instant payments have captivated businesses and consumers with the promise of a more agile financial ecosystem. Despite widespread enthusiasm, however, the transition from traditional payment methods to real-time systems like the Federal Reserve’s FedNow® Service and The Clearing House’s RTP® network is experiencing hurdles. The...
In today’s competitive job market, traditional benefits like retirement plans and paid time off are falling short as workers demand immediate access to their earnings. Rising financial pressures and living costs are driving this shift, pushing employers to adapt or risk losing top talent. A...
The Federal Reserve’s latest report to Congress offered a snapshot of money spent — and returns on investment — on all manner of payment systems. As real-time fund flows gain ground, the Fed’s 2023 missive detailed progress and positive returns on Fedwire, which previously was...
The Swiss National Bank and SIX Interbank Clearing have launched a new instant payments solution in Switzerland. This solution enables 60 financial institutions to receive and process instant payments as of Tuesday (Aug. 20), the Swiss National Bank said in a Wednesday (Aug. 21) press release. The new...
Modern Treasury has expanded instant payments support for mutual clients of six top banks. “Money is moving swiftly toward a real-time future, and seeing customers use Modern Treasury to enable instant payments with some of the largest banks in the U.S. is a testament to the...
Corporate treasurers once were relegated to the back office, manipulating spreadsheets, preparing audits, handing printed reports off to more senior management — the folks charting the company’s course ahead. But as Ambrish Bansal, global head of Liquidity and Cash Concentration Products, for the Citi Treasury...
