The Federal Reserve says 331 financial institutions (FIs) are employing the FedNow® Service, its real-time payments system. The service launched in July with 35 participants, and is expected to continue growing in 2024, the central bank said in a Thursday (Dec. 14) news release. “These are still early days...
The manufacturing sector is undergoing a significant transformation in its payment practices, with a growing emphasis on real-time payments. In fact, instant payments have emerged as the leading method for business-to-business (B2B) transactions in the sector, with over 99% of manufacturers already utilizing real-time payments...
With the advent of digital payments, instant reimbursements have gained popularity, providing employees with convenience and quick access to funds. However, there is still a need for businesses to promote and address concerns regarding instant payment options. In “Generation Instant: Business Expense Reimbursements,” PYMNTS Intelligence...
Five months since the FedNow® Service launched, Miriam Sheril, head of product, U.S. at Form3, told PYMNTS, there are some encouraging signs. Although it is early days, “from my point of view, FedNow is doing exactly what it was planned to do,” said Sheril. She...
Using instant payment methods can streamline the payment process and improve overall customer satisfaction, making consumers 11% more satisfied and nearly double their likelihood to remain as clients when instant payments are free. A PYMNTS Intelligence research study in collaboration with Ingo Money found that...
The U.K. risks falling behind other nations unless it can create an alternative to its Faster Payment Service. That’s according to a new government-commissioned review on competitiveness in the country’s payment industry, the focus of a Wednesday (Nov. 22) Financial Times (FT) report. According to the...
Real-time B2B payments are transforming industries in which the number of payment transactions is very high — such as the manufacturing sector. According to a recent PYMNTS Intelligence research in collaboration with The Clearing House, virtually all U.S. manufacturing companies used real-time payments last year,...
Although ad hoc payments make up just 24% of accounts payable (AP) volume, they hold significant importance in various industry operations. In fact, these irregular payments, executed outside regular invoicing and payroll processes, are integral to operational efficiency. But despite their importance, ad hoc payments...
As restaurants and others in the hospitality space look for ways to boost retention, PYMNTS Intelligence reveals that instant tip payouts can go a long way — so much so, that many in the industry would even be willing to pay a fee to be...
