Two of the nation’s largest automakers are paying suppliers upfront to help small cash-strapped suppliers survive shutdowns caused by COVID-19. General Motors Co. and Ford Motor Co. have introduced programs to fast-track payments that typically take up to 60 days to be paid, Reuters reported....
If you want to know how consumers feel about faster payments, talk to the millions of Americans who still have not received stimulus money as of mid- to late-May. The U.S. real-time payments void has hurt commerce, too, as PYMNTS research finds that close to...
Sweden recently became the first nation outside the eurozone to join TIPS, the European Central Bank’s real-time payment platform — setting the stage for other countries to do so in the future. In the latest Faster Payments Tracker®, PYMNTS spoke with the European Central Bank...
The COVID-19 pandemic has shaken both the United States and global economies, with 38.4 percent of small to mid-sized businesses (SMBs) reducing their payroll and experts warning that the pandemic could reduce global trade by anywhere from 13 to 32 percent. The pandemic has caused...
The U.S. consumer has literally thousands of options for financial services given that America has traditional banks, credit unions and FinTech challenger banks of all shapes and sizes. Drew Edwards, CEO of instant payments firm Ingo Money, told Karen Webster in a recent conversation that’s...
While many advancements have been made over the last five years toward enabling 9-to-5 employees to gain instant access to wages they already earned, the progress has been uneven at best. But as PYMNTS and Mastercard demonstrated in a survey last fall, the progress of...
For all the human and business impacts caused by the global coronavirus pandemic, the crisis has also been instructive, particularly in illustrating the shortcomings in systems that worked just fine — until they didn’t. The massive and simultaneous global shift to digital has put a...
The Federal Reserve has formed a FedNow Community group for its upcoming instant payment offering, the FedNow Service, and needs volunteers to support it, the Fed announced Wednesday (May 6). The Fed acknowledged the challenges brought on by the coronavirus but noted the FedNow Service...
Sweden is the latest country to join the European Central Bank’s (ECB) instant payments platform in an effort to ease electronic payments. The agreement allows the ECB to offer Sweden access to the Eurosystem’s TARGET Instant Payment Settlement (TIPS) in Swedish currency to support the...
