PYMNTS-MonitorEdge-May-2024

faster payments

Faster Payments Service (FPS) is a UK banking initiative to reduce payment times between different banks' customer accounts from the three working days that transfers take using the long-established BACS system, to typically a few seconds.

Source: en.wikipedia.org

Construction Firms Wait 94 Days on Average to Get Paid
Construction Firms Wait 94 Days on Average to Get Paid
December 29, 2023  |  B2B Payments

Digital technologies are being built to help solve one of the key challenges facing the construction industry: delayed payments. The construction industry’s days sales outstanding...

READ MORE >
The 4 Trends That Reshaped B2B Payments in 2023
The 4 Trends That Reshaped B2B Payments in 2023
December 29, 2023  |  B2B Payments

Before the pandemic, over half of business payments were done by paper check. But that iceberg of inertia that was freezing innovation within B2B payments...

READ MORE >
Increasing Consumer Satisfaction Spurs Instant, Digital Payouts Across Sectors
Increasing Consumer Satisfaction Spurs Instant, Digital Payouts Across Sectors
December 29, 2023  |  Disbursements

Drawing insights from the “Generation Instant Series,” a collaboration with Ingo Money, PYMNTS Intelligence takes a look at instant payouts across the hospitality, gaming, rental...

READ MORE >
2023 in Review: Digital Wallets Emerge as Alternative Payment Method
2023 in Review: Digital Wallets Emerge as Alternative Payment Method
December 28, 2023  |  Mobile Wallets

In 2023, digital wallets such as Apple Pay and Google Pay gained popularity among consumers. Mobile wallets have moved from sending money to friends and...

READ MORE >
Free Instant Payments a Key Perk for Business Retention
Free Instant Payments a Key Perk for Business Retention
December 28, 2023  |  Faster Payments

In a fast-paced business environment, the demand for flexibility in financial transactions is paramount, and non-recurring ad hoc payments account for nearly two-thirds of the...

READ MORE >
84% of Consumers Like Pay-by-Bank Despite Adoption Hurdles
84% of Consumers Like Pay-by-Bank Despite Adoption Hurdles
December 28, 2023  |  Payment Methods

Account-to-account (A2A) transfers, also known as pay-by-bank, have emerged as a convenient alternative to traditional transaction methods like credit and debit cards. By transferring money...

READ MORE >
Online Gift Card Platform Tbay Debuts ‘Quick Sell Mode’
Online Gift Card Platform Tbay Debuts ‘Quick Sell Mode’
December 27, 2023  |  Gift Cards

Online gift card platform Tbay introduced “Quick Sell Mode,” designed to make card transactions faster. The program aims to reduce gift card transaction time by...

READ MORE >
Security Concerns Limit Growth of Instant Payments for Rent-Related Refunds
Security Concerns Limit Growth of Instant Payments for Rent-Related Refunds
December 26, 2023  |  Real-Time Payments

Rental prices keep on rising year after year, and some rental contracts have been tightened by requiring larger deposits at the signing. To illustrate: since...

READ MORE >
Instant Payments Have a Supply Problem, Not a Demand Problem
Instant Payments Have a Supply Problem, Not a Demand Problem
December 22, 2023  |  Real-Time Payments

Immediacy will always prove to be a winning concept — particularly within payments. Convenience, simplicity and security are three core pillars of today’s increasingly connected...

READ MORE >