Real-time payments continue their rapid global expansion, with banks and governments updating existing systems and introducing new ones for their citizens and customers. Australia is expanding its real-time payments landscape through a new cross-border payments collaboration between BNY and Commonwealth Bank of Australia (CBA). This...
Small and medium-sized businesses (SMBs) across sectors are widely using instant payments. For many, they have become their primary method of sending payment. Across four sectors — healthcare, hospitality, restaurant and transportation — we find that at least two-thirds of SMBs now send instant payments....
Visa has launched a cross-border business payments partnership with London-based FinTech Revolut. The collaboration, announced Tuesday (Aug. 27), allows instant card transfers for Revolut’s business customers via the Visa Direct system. “International transfers for businesses have traditionally come with a list of requirements that can...
Affinity Plus Credit Union has unveiled a new real-time payments service for its members, giving them instant access to their funds. Through the FedNow® Service and RTP® Network, the credit union will enable its members to securely receive instant payments from financial institutions and service...
The transportation industry is a high-speed world of logistics and delivery, where efficiency and speed are paramount. Yet, the methods by which many transportation businesses conduct financial transactions are not moving at the same pace. A recent PYMNTS Intelligence report, “Moving Faster Than Ever: Real-Time...
The restaurant industry faces financial strain due to inflation and economic downturns, with sales growth projections for 2024 cut to 3.8% from earlier estimates. As establishments contend with cash flow issues and shifting consumer demands, real-time payments emerge as a tool for improving financial stability...
Supply and demand is the eternal balancing act in economics, and in payments, too. Drew Edwards, CEO of Ingo Payments, noted to Karen Webster that there’s been a 7% increase, year over year, as determined jointly by Ingo and PYMNTS Intelligence, in instant payments used...
The global demand for real-time payments continues along an upward trajectory. Nations on every continent are taking steps to accelerate transactions for both consumers and businesses. The Central Bank of Kuwait (CBK) has approved the launch of WAMD, a new instant payment system. This system...
Since the FedNow® Service went live last July, more than 900 have banks have signed up, per the Federal Reserve. Is that a good number? Keith Olson, vice president of ACH and online banking at Nuvei, said FedNow has some accomplishments to tout as it...
