It’s now official. The Fed plans to build its own instant clearing and settlement rails. Introduced on Monday by Federal Reserve Board Governor Lael Brainard, the Fed’s instant payment scheme FedNow is designed to offer an option for consumers and business to transfer money instantly or nearly instantly in...
Financial players worldwide are kicking payment systems into high gear with efforts that range from easier-to-use digital solutions to new instant payment infrastructures. Roughly 40 countries had real-time payment systems in place in 2018, and many more are currently working to provide them. Such services...
To reinforce the Federal Reserve’s authority to create a real-time payments system and mandate that the Fed brings about its own process, two U.S. representatives and two U.S. senators have introduced the Payment Modernization Act of 2019. The legislation was brought forward by Congresswoman Ayanna Pressley (D-MA),...
Truckers haul 71 percent of America’s freight tonnage, keeping retailers supplied and in business — but not without challenges. Slim margins, emergency needs and mounting daily expenses can halt day-to-day operations — and retail shipments — as truckers can wait more than a month for...
While commercial real-time payments became available in the U.S. back in 2017, they haven’t yet hit ubiquity. By the end of 2018, the RTP network reached a little more than half of U.S. accounts. But this has been the domain of larger financial institutions, especially...
Businesses and consumers are unlikely to change their payment preferences until two conditions are met: they both feel the pain of slow legacy systems and are presented with an easy-to-adopt alternative. Namibia recently advanced one prong of this approach and made the push for greater...
More than 50 of the world’s largest companies have already started using a new service that enhances payment flows, allowing a single view of transactions across multi-banked corporates. SWIFT announced July 17 that its global payments innovation (gpi) service now offers a full go-live function,...
Everyone likes the idea of faster, streamlined payments, especially when dealing with an insurance-related mishap. To that end, insurance-as-a-service company Setoo signed on with a new collaboration between SafeCharge and Visa’s real-time push payments platform Visa Direct to help power speedier payouts, as detailed in a July 11 press release. Setoo is...
When divorced parents have to get together to exchange cash for kids’ braces and summer camp, it can be a fraught experience. Yet, settling childcare expenses via a mobile app can expedite payments without the drama, says Laura MacMahon, president of Family Plan, a divorced...
