Faster and real-time payments still have a long journey ahead toward ubiquity, particularly in the realm of corporate cross-border payments. Interoperability between various markets’ networks, as well as standardization of payments messages to benchmarks like ISO 20022, are key to adoption, said HSBC’s Global Head...
The healthcare market is not immune to payment frictions, as costly inefficiencies can force hospitals to chase payments and prompt 47 percent of patients to consider seeking medical treatments elsewhere. The Faster Payments Tracker includes a Deep Dive that explores the potential benefits that real-time...
HSBC Bank has launched real-time payments capabilities on the RTP network that gives businesses the ability to pay and be paid immediately, the company said in a press release Monday (Nov. 18). This is the latest enhancement of HSBC’s implementation of the RTP network. Since...
Consumers with poor credit and a lack of savings have few good borrowing alternatives when unexpected expenses arise. In the new Faster Payments Tracker, DecisionLogic CEO David Evans says real-time data tools could make a difference (by using cash flow as a proxy for subprime...
The rise of faster peer-to-peer (P2P) payment services has had an unintentional ripple effect for businesses, banks and merchants. With customers able to send money to family and friends with a few taps of their smartphone, frustrations can arise when businesses are unable to deliver...
Federal Trade Commission (FTC) Commissioner Rohit Chopra wrote a letter to the Federal Reserve saying projects like Libra (Facebook’s proposed cryptocurrency) illustrate the need for the bank to develop a real-time payments service, according to reports. Chopra wrote in support of the creation of the...
As of late 2019, there are few people left who need to be talked into the “why” of instant payments — that case has already been well made. Ingo Money EVP and CPO Lisa McFarland told Karen Webster for the latest edition of the PYMNTS...
Money constantly flows across borders in the increasingly interconnected global economy, from workers overseas back to their families, and from buyers to their suppliers. Any complications cause major headaches, and international payments are often more involved and costly than those made domestically. They frequently face...
When financing a first home, a complicated mortgage process can confuse buyers, and draw out loan underwriting timelines — costing time and money. Yet, lenders often lack the information they need to close loans sooner, and reduce costs for borrowers, Eric Bloomquist, chief product officer...
