The European Commission has pledged to accelerate instant payments across the European Union (EU). In a tweet and in an address to the 2022 Fintech and Regulation Conference, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union Mairead McGuinness confirmed the panel will...
The pandemic accelerated U.S. consumers’ adoption of digital banking, giving rise to a growing segment of customers who now prefer to forgo physical bank branches altogether. A 2021 survey of 6,000 consumers found that these so-called digital natives — those who prefer to bank strictly through smartphones and other online portals and devices...
The modern ACH Network saw “significant growth” in 2021, processing 29.1 billion payments totaling $72.6 trillion, while same-day automated clearing house (ACH) payment volume was up 74% last year, according to new data from Nacha released Thursday (Feb. 3). This is the seventh straight year...
FinTechs and banks are collaborating to give their customers unprecedented flexibility, control and speed, but that can create new security gaps. In the Real-Time Payments Tracker, Dwolla’s Dave Glaser says banks need to think differently about protecting financial data if they want connected banking to...
As more financial transactions occur online and through mobile channels, fraud and security threats have inevitably grown as well, taking advantage of digital vulnerabilities. Consumers’ increasing use of digital channels means that many connect their bank accounts to these platforms, whether for payments, investing or...
The Federal Reserve has announced the anticipated pricing for its FedNow service for instant payments, a press release says. The service will include a $25 monthly participation fee for every routing transit number enrolling in the service. Then there will be a $0.045 per credit...
Real-time digital payment software provider ACI Worldwide is helping banks connect to the United Arab Emirates’ (UAE) Instant Payments Platform (IPP) expected to roll out in October, according to a press release on Thursday (Jan. 20). The IPP facilitates real-time payments between bank accounts, and...
A staggering 73% of employees rank finances as their number source of stress in life, leading to significant loss of productivity, attrition, absenteeism, presenteeism and other workforce-related problems. According to Mostafa Ashour, CEO and co-founder of Egypt-based financial wellness company NowPay, employers will typically want...
The past decade has seen a revolution in digital payments, with treasurers working to make the payment process as frictionless as possible to develop robust global payments strategies. By leveraging instant payments, organizations can seamlessly create a new payment experience for clients, while also letting...
