The Governance Framework Formation Team (GFFT) said Tuesday that it has completed a draft framework to create a new U.S. Faster Payments Council (FPC), eight months in the making. The framework – according to the team, which is comprised of 27 members across the payments...
New data shows that the ACH Network processed 21.5 billion transactions valued at more than $46.8 trillion last year — an increase of 5.7 percent and 6.9 percent, respectively, over 2016. It is the third year in a row in which the number of new...
The global music industry is expected to generate $57 billion in 2021. But those artists creating the songs can struggle to stay afloat while waiting for royalties. In the Faster Payments Tracker, Lyric Financial explains how it quickly provides royalty advances to cut the wait, with Same-Day ACH transfers in the U.S. and integrations...
The global music industry will soon be worth more than $57 billion, according to recent projections. But for some musicians and songwriters, income flow is often unsteady. As the speed of payments around the world continues to increase, many musical professionals are looking for...
Time-consuming compliance checks and complications tend to be a lag on movement of B2B cross-border payments - some $18.5 trillion of which are moved annually, but Brion Nazzaro, group compliance director of WorldRemit, says that time can be cut with online identity checks and steering...
From community banks to central banks, the need for faster payments is gripping financial institutions (FIs) of all shapes and sizes. FIs worldwide are making bold pushes to increase their payment speed, from Australia’s new real-time payments scheme to Saudi Arabia’s turn to blockchain. PYMNTS explores...
The Federal Reserve Bank of Chicago said Thursday (Mar. 1) that the Secure Payments Task Force will complete its efforts in March, providing a final publication consisting of a collection of educational materials that outline the lifecycles and security profiles of the main payment methods...
The Reserve Bank of Australia and its Payments System Board announced on Tuesday (Feb. 13) the launch of a new payments infrastructure – called the New Payments Platform (NPP) – that lets customers with accounts at different banks make real-time payments to each other. According to...
Countries from the U.K. to Singapore have long been home to real-time payment schemes, but speed lagged behind when it came to America. It wasn’t until November 2017 that The Clearing House (TCH) debuted its Real-Time Payments (RTP) scheme — a system that isn’t expected...
