FIS has partnered with The Clearing House (TCH), the operator of the nation’s payments system infrastructure to provide instant settlements to small to mid-sized banks and credit unions (CUs) and their customers. The Jacksonville, Florida-based financial software company provides a managed platform service for banks to quickly and...
The remarkable persistence of the physical check is something almost miraculous to behold in the world of payments. No one likes it or really wants it — consumers vastly prefer digital payments and like them even better when they’re given the option of receiving them...
The operator of a U.S.-based payments clearing network that settles more than $2 trillion daily, reported in a press release that banks that hold 70 percent of the nation’s checking accounts now have access to real-time payments. The Clearing House (TCH), a 167-year-old banking association...
The year 2020 has been an unexpected one, to say the least — not least of all for the payments ecosystem. This year was supposed to be a tipping point for real-time payments adoption in the U.S., yet progress hasn’t been as advanced as many...
Unemployment remains stubbornly high, yet pockets of resilience emerge. The financial services industry saw 21,000 positions added in July. Yet, while financial institutions (FIs) have primarily avoided large scale layoffs and furloughs, many FI employees still feel the job-related impact of the coronavirus — for...
COVID-19 didn’t suddenly make consumers realize it’s preferable to be paid out instantly instead of waiting three days for an ACH payment — or worse, two weeks for a check to arrive by mail. In a recent conversation, Lisa McFarland, executive vice president and chief...
Checkbook has joined Visa‘s FinTech Fast Track program and launched Virtual Cards, a program that will expand the reach of real-time payments, according to a press release. Fast Track provides startups, like California-based online payments processor Checkbook, a way to access Visa’s growing network with...
Online marketplaces are leaving hundreds of billions of dollars on the table by failing to offer real-time, digital payment options, a new report finds. COVID-19 has provided a massive booster shot to the digital economy, with consumers and businesses alike increasingly relying on online marketplaces...
Real time is getting ever closer to prime time. But it might not be the Federal Reserve’s doing. You’d be forgiven for thinking that faster payments might be the purview of the U.S. Federal Reserve, where details (a roadmap, really) of FedNow, the proposed instant...
