In an effort to help carriers with cash flow, digital freight network Convoy is enhancing its payments service to add money to carriers’ bank accounts within eight hours of load completion. The company is augmenting its Convoy QuickPay service, according to a Thursday (Sept. 8)...
Quick and accurate payments are critical in the modern economy for both consumers and businesses. Both groups relied largely on legacy systems such as wire transfers and paper checks until recently, and these came with a barrel of challenges, including delays, inaccurate totals and tedious...
Real-time payments’ popularity has soared in the United States since the 2017 introduction of The Clearing House’s RTP® network, which offered businesses and consumers an exponentially faster way to transfer funds than legacy methods such as paper checks, wire transfers and cash. The pandemic gave the...
Real-time payments have become popular in the United States in recent years, especially for businesses that transact large sums with other major corporations. Fifty-three percent of U.S. businesses said cash flow management improves when transmitting real-time payments, for example, and 33% reported improved transparency in...
The Federal Reserve is readying its FedNow payments system for launch next year, a move supporters say will make near-instant payments widely available. As The Wall Street Journal reported Monday (Aug. 29), the system will make bill payments, paychecks and other consumer or business transfers...
While real-time payments currently account for just 2% of corporate payments sent and 1.3% of those received today, corporate treasurers and billing and payment executives are increasingly interested in real-time payments’ potential for improving such areas as cash flow management and efficiency. Twelve percent of...
Despite well-known fears, businesses that actually use real-time payments experience fraud 25% less often than those companies that use other methods to move money to end user accounts. Modern Treasury’s Chief Growth Officer Rachel Pike tells PYMNTS how implementing real-time payments can maximize cash flow...
Money movement automation platform Astra is using Visa Direct, Visa’s real-time payments service. The move allows San Francisco-based Astra to offer fast payments “to millions of its end-users who can fund cards, wallets and other accounts with their eligible debit cards,” according to a Tuesday...
Middle-market companies (those with sales from $20 million to $1 billion) have been relatively slow to adopt real-time payment (RTP) technologies, even though they recognize and value the advantages. Their greatest concern about the method of payment is the biggest hurdle to adoption. Yet “Accelerating...
