The Federal Reserve is rolling out new details for the FedNow instant payments service scheduled to launch in 2023, touting it as a tool that businesses owners and individual consumers will want to use — and participating financial institutions will want to offer. On average,...
Real-time payments may be most visibly changing the face of how employees — including gig workers — get paid. But as Steve Ledford, senior vice president of products and strategy at The Clearing House (TCH), told Karen Webster, the flexibility and near-instant settlement and reconciliation...
J.P. Morgan Chase & Co started piloting a real-time payments service with an undisclosed FinTech company last week, which company officials hope will give them an edge in the global digital payments race. The service — called request for pay — allows J.P. Morgan corporate...
Legacy cross-border payment systems are not just falling behind their more innovative counterparts: They are effectively adding a headwind for the businesses forced to use them. Industry pressures appear to be making real-time payment systems inevitable, however. More than $27 trillion worth of international payments worked their way through the global cross-border payment...
Waiting hours or days for cross-border payments can be painful for independent contractors, in some cases forcing them to borrow money or fall back on payday loans to stay afloat. In the Real-Time Payments Tracker, Citi’s Melissa Tuozzolo explains how real-time payment networks can help...
The speed of commerce keeps accelerating — except in the case of businesses getting paid by international customers. Consumers take for granted the ability to use smartphones to make real-time payments or transfer money instantly to family and friends via mobile app, yet the B2B cross-border...
Payroll and human resources (HR) firm Zellis is working with Income Group, powered by its strategic partner Mastercard, to bring Faster Payroll payments to its U.K. clients and offer a more expedient option than the traditional Bankers Automated Clearing Services (BACS) payroll transfers, according to...
The stage is set for a new era of cross-border payments to take hold that will not only be more streamlined and faster than existing methods but cheaper too. These advances, however, will also come with a cost. Daniel Mayhew, senior vice president and global...
In A Decade of Digital Transformation in 12 Months, 46 C-suite executives spoke with PYMNTS for its Q2 eBook on what the world will look like as recovery rolls on and the next iteration of normal rolls out. In this excerpt, Odilon Almeida, president and...
