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April 8, 2022

On the web

Does Zelle Make Sense at the Point of Sale?

American Banker

“The biggest question surrounding the concept is why banks, who earn billions in their cut of credit and debit card interchange fees, would potentially undermine that revenue stream by providing Zelle as a cheaper alternative at the point of sale. But observers say U.S. financial institutions are wise to begin contemplating how their future roles will be shaped by rapid changes in the payments technology landscape, and crafting strategic responses.”

April 5, 2022

On the wires

Payments Canada Partners With TCS to Evolve Payments With RTR

“Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has entered into a strategic partnership with Payments Canada, the country’s largest payment organization, to transform its payment system operations and help implement the Real-Time Rail (RTR), the new real-time payments system that will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365.”

March 30, 2022

On the web

February 16, 2022

On the web

FCA Concerned Over Binance Gaining Access to UK Payment Network: Report


“The Financial Conduct Authority (FCA), U.K’s financial regulator, has expressed concern over crypto exchange Binance gaining access to the country’s primary payments network, the Financial Times reported on Wednesday . Binance has secured a deal with payments group Paysafe to gain access to the Faster Payment Service, the U.K. network that allows consumers and businesses to make fast payments between financial services providers.”

February 8, 2022

On the web

February 2, 2022

On the wires

Nearly Half a Trillion Dollars Sent by Consumers and Businesses With Zelle® in 2021 | Zelle

“Consumers and businesses sent 1.8 billion payments through the Zelle Network® during 2021, an increase of 49% from a year earlier, Early Warning Services, LLC, the network operator behind Zelle®, announced today. Those payments totaled $490 billion, up 59%…Businesses, including property managers, contractors, and health and beauty providers, relied on Zelle® for sending and receiving money throughout the year. In 2021, payments received by small businesses increased 162% over the previous year’s totals. Fortune 500 companies, universities, and national non-profits also turned to Zelle® when disbursing funds to the public as a fast and safe alternative to sending checks.”

November 2, 2021

On the wires

September 7, 2021

On the web

Express Kidnappings in Brazil’s São Paulo Accelerate With Instant Pay App

InSight Crime

“The increasing use of an instant money transfer app is driving express kidnappings in the Brazilian city of São Paulo – a crime that now requires no more than a password and a push of a button to rob victims of large sums. In an interview with BBC News Brazil, Tarcio Severo, an official with the anti-kidnapping unit of the São Paulo police, said law enforcement has seen a rise in express kidnappings in which victims are forced to transfer money via Pix, an instant payment system created by Brazil’s central bank that was launched in November of last year.”

August 31, 2021

On the web

Federal Reserve Receives Few Comments On Proposed Rules For FedNow


“What’s the definition of immediate, the Board of the Federal Reserve has asked in connection with FedNow, the new real-time payments network set to launch in 2023. Only a few domestic banks and payments organizations responded to the request for comment , so the Fed has extended its deadline until Sept. 9. The U.S. Faster Payments     Council asked for another 60 days for comments.”

August 25, 2021

On the web

New Canadian B2B Payments Network Offers Test Case for U.S.

American Banker

“Canadian banks and credit unions are preparing for real-time payments with a test drive for businesses. Thirteen of the country’s financial institutions are launching an instant business-to-business payments service more than a year ahead of the rollout of the country’s fast payments system, the Real-Time Rail. The companies will run the service on the existing Interac e-Transfer platform, but they’ve added features such as fraud vetting and the global ISO 20022 payments messaging standard in an effort to wean more companies off paper checks and wire transfers. The new features are meant to address the limitations of e-Transfer, a next-day settlement system which is popular with consumers but hasn’t achieved significant business adoption.”

July 29, 2021

On the wires

Mass Adoption of Zelle®–Signed Financial Institutions Represent Over 500 Million DDA Accounts

“Early Warning Services, LLC, the network operator behind Zelle®, announced its Q2 2021 transaction results, which include signed FIs representing more than 500 million DDA accounts. In Q2 2021, the Zelle Network® processed $120 billion on 436 million transactions. Year-over-year sent payment values increased by 68%, while payment transactions increased by 58%.”

July 16, 2021

On the web

Mastercard Eases Access to Faster Payments With PayPort+

Finextra Research

“Mastercard has launched a cloud-native, real-time payment gateway designed to ease access for institutions connecting to the UK’s Faster Payments network. The PayPort+ gateway has been developed by Form3 and is now live with two UK financial institutions, including Nationwide Building Society.PayPort was launched in 2016 to offer financial institutions, large and small, connectivity into the UK Faster Payments network. The new product will now offer flexible connectivity options, including MQ, Restful APIs and Microservices.”

July 12, 2021

Top Post

The Next Step for Faster Payments: Interoperability

American Banker

“Since the first discussions about faster payments unfolded in the U.S. more than seven years ago, a nagging question has been whether a system — or systems — could operate together under similar technology, security, operating rules and standards. The U.S. Faster Payments Council says the interoperability question has become the most important topic within the payments industry in the past few years. Nearly 80% of respondents to an online survey in 2019 and 71% in 2020 cited interoperability as “very important” across compatible faster payments systems, according to the council’s most recent research.”

June 24, 2021

Top Post

US Faster Payments Council Publishes Interoperability Report

Finextra Research

“The U.S. Faster Payments Council (FPC), in partnership with Glenbrook Partners, today released the research report, Why Interoperability is Important to Faster Payments. The report is the latest part of a three-year, multifaceted industry study consisting of quantitative and qualitative research, launched by the FPC and Glenbrook in 2019.Published the last two years, the Faster Payments Barometer, an online survey of industry professionals, offered insights from businesses, financial institutions (FIs), consumer organizations, and payment providers. Results from both annual surveys indicated that industry stakeholders from across the value chain overwhelmingly believe interoperability is important for broader adoption of faster payments.”

June 23, 2021

Top Post

U.S. Faster Payments Council Publishes Interoperability Research Report

“The U.S. Faster Payments Council (FPC), in partnership with Glenbrook Partners , today released the research report, Why Interoperability is Important to Faster Payments. The report is the latest part of a three-year, multifaceted industry study consisting of quantitative and qualitative research, launched by the FPC and Glenbrook in 2019.Published the last two years, the Faster Payments Barometer , an online survey of industry professionals, offered insights from businesses, financial institutions (FIs), consumer organizations, and payment providers. Results from both annual surveys indicated that industry stakeholders from across the value chain overwhelmingly believe interoperability is important for broader adoption of faster payments.”

June 2, 2021

On the web

Fed Proposes Rules for Funds Transfers on Faster Payments Platform

American Banker

“The Federal Reserve Board proposed a new set of rules Tuesday dealing with how funds transfers will be carried out over the central bank’s real-time payments service that is expected to become available in 2023. The Fed said the measure governing transfers on the new FedNow service would have similarities with the existing framework for the current Fedwire Funds Service. The proposal includes terms and conditions for how the Fed’s regional banks will process transfers over FedNow, and authorizes the regional banks to provide more detailed terms and conditions. The rule would also include a provision requiring FedNow participants that serve as the beneficiary’s bank to make funds available immediately, among other changes.”

May 19, 2021

On the web

European Central Bank Castigates Banks Over Instant Payment Fees

Finextra Research

“The European Central Bank has warned that the charges levied by banks for instant payments are proving a barrier to uptake and “must change”. Speaking at a payments forum hosted by Finland’s central bank, ECB board member Fabio Panetta notes that on the operational side, the Eurosystem has taken steps to ensure the pan-European reach of instant payments by the end of 2021 through the Target instant payments settlement service (TIPS).”

May 13, 2021

On the web

An Instant Payments Operator Update – FedPayments Improvement

FedPayments Improvement

“The recent U.S. Faster Payments Council (FPC) Spring Conference offered an opportunity to hear from industry leaders about key developments in areas such as interoperability, fraud prevention and use case trends. A highlight of this virtual event was a discussion with Nick Stanescu, senior vice president and FedNow business executive and Steve Ledford, The Clearing House’s senior vice president for product and strategy, about their organizations’ instant payments infrastructures.”

May 11, 2021

On the web

SA banks are ‘forced’ to charge more for instant payments – but their prices vary wildly


“South African banks say they have little choice but to charge extra for processing immediate electronic payments between clients of different banks. In a single year, banks process more than 49 million of these premium-rate transactions – but quite how much banks believe this extra computing power and risk should cost clients differs greatly. At the extremes, the difference between the cheapest and most expensive fees for these transactions is as much as R42.50, a difference of 147%.  There are currently just two prominent types of online interbank payment systems in South Africa – traditional electronic fund transfers or EFTs, which can take money up to two business days to reflect in another bank account, and so-called immediate, or real-time clearing (RTC), payments, which transfer funds into any bank account within 60 seconds.”

April 30, 2021

On the wires

Updated NPP Roadmap Presents ‘PayTo’ – NPPA

“Every six months, the NPP Roadmap provides an updated overview of the plans to enhance and extend the Platform’s capabilities to meet wider needs of the payments ecosystem. The April 2021 roadmap – now available here – unveils the name chosen as the new official moniker for what was previously known as the Mandated Payments Service. NPP Australia’s Head of Engagement, Katrina Stuart, said PayTo was selected after an extensive process to find the right identity for the service that will enable customers to pre-authorise third parties to initiate payments directly from their bank account.”

April 28, 2021

On the wires

Cross Borders, Cross Industries, Cross Payment Types: FIS RealNet Solution Changes the Game in Real-Time Payments

“Financial technology leader FIS ® (NYSE: FIS) today announced RealNet ™, a new cloud-based, software as a service (SaaS) platform that will enable account-to-account (A2A) transactions for businesses, consumers and governments over real-time payment networks. The FIS RealNet platform will make it easier for organizations across all industries to send, receive and accept payments, whether they are engaging with a consumer or business, or with their own employees. The platform functions as a “network of networks,” utilizing a full range of existing domestic and cross-border payment rails to simplify and speed up the processing, clearing and settlement of payments. By using a smart-routing decision engine, FIS RealNet identifies the fastest, most cost-efficient payments option for a given transaction in real-time—whether ACH, same-day ACH, Wires and RTP®—and automates the end-to-end process.”

April 15, 2021

On the web

Pix exceeds 1 billion transactions in five months

Mobile Time

“Pix has surpassed the 1 billion transaction mark since its launch last November. There were 1.05 billion instant transactions in five months, to be exact. The number was reached during the month of March, when there were 393.64 million instant payments, an increase of 43% compared to February. In values, Pix traded R $ 787 billion between November and March, being R $ 278 billion in this last month alone. The figures were released on Wednesday, 14, by the Central Bank.”

April 5, 2021

On the wires

 EMQ Delivers Enhanced Cross-Border Payment Capabilities in Hong Kong

“Global financial settlement network EMQ today announced a significant enhancement to its cross-border payment capabilities by adding Hong Kong’s Faster Payment System (FPS) to the network. This extends EMQ’s network infrastructure deeper into domestic markets, enabling global customers to cost-effectively send funds in both Hong Kong Dollar (HKD) and Renminbi (RMB) in minutes, reaching a wider set of beneficiary accounts across all banks in Hong Kong.”

March 31, 2021

On the web

Peru Plans Instant Payments Network That Links Fintechs, Mobile Bank Accounts


“Peru is working to link banks, fintechs and mobile wallet providers into an interoperable hub for instant payments using real-time technology provided by Mastercard . With a launch set for early 2022, Peru will be the second Latin American country after Brazil to introduce an ISO 20022-based instant payments scheme. Peru’s new system will use mobile phone numbers and email addresses as proxies for bank accounts to increase financial inclusion in the country. Combined with the ISO 20022 messaging standard, this will enable the system to deliver a wide range of payment services that aren’t possible with legacy systems connecting banks in other countries such as Argentina, Colombia and Mexico.”

March 26, 2021

On the wires

Retail Payments: Council Supports Action to Promote Instant Payments and EU-wide Payment Solutions

“EU member states want to make it easier for consumers to pay in shops, and to make e-commerce transactions widely available, convenient and safe across the EU. The Council today adopted conclusions that respond to the retail payments strategy for the EU presented by the Commission in September 2020. Against the background of rapid innovation and digitalisation of the economy, the conclusions welcome the comprehensive strategy set out by the Commission for the further development of the retail payments market in the EU. The Council lends its full support to the overall aims of the strategy, such as ensuring a competitive and innovative retail payments market in the EU, promoting the uptake of instant payments, and creating the conditions for the development of EU-wide payment solutions to decrease the EU’s dependency on major global players in this area.”

March 5, 2021

On the wires

Fidor Solutions Partners With SIA to Launch Instant Payments Service in Europe

“Fidor Solutions, a 100 % subsidiary of Sopra Banking Software, has signed a partnership agreement with SIA, a leading European hi-tech company in payment services and infrastructures, controlled by CDP Equity, to launch its new instant payments service in Germany and in other European countries. Thanks to this agreement, Fidor Solutions is able to allow European financial institutions and their customers to send and receive payments in less than 10 seconds for a maximum amount currently set at 100,000 euros per individual transaction, 24 hours a day, 365 days a year, in line with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).”

March 3, 2021

On the web

BankservAfrica Selects TCS BaNCS™ to Drive South Africa’s Rapid Payments Program

Payments Afrika

“Tata Consultancy Services (TCS) has been appointed as the technology provider for South Africa’s payments platform build for the Rapid Payments Programme (RPP). By joining forces with TCS, BankservAfrica will evolve payments for the hyperconnected digital economy in South Africa and beyond…RPP meets the requirements of the Payments Association of South Africa’s (PASA) vision for the national payments system of the future. BankservAfrica embarked on a journey to introduce the next generation payments system for the growing payments ecosystem of banks and non-banks.”

February 16, 2021

On the web

Merchants Want More Say As Faster Payments Develop


“Retailers are often considered to be key beneficiaries of faster payments, but they may be among the last to reap its benefits in the U.S. The latest advancements in real-time payments are focused on banks’ use cases. The Federal Reserveis advancing its real-time settlement service through testing with banks, and Visa is piloting two artificial intelligence-powered services that mimic the benefits of real-time payments. These tests emphasize a focus on P2P or B2B payments, which are essentially interactions between a customer and a bank. “Real-time payments are not here yet for merchants, but that focus is changing,” said John Drechny, CEO of the Merchant Advisory Group, which acts on its mission to educate merchants about the latest technology and regulatory developments. “Merchants have always envisioned faster payments as a more direct access [to funds] that could bemore secure and efficient for them with a push-payment aspect.”

February 10, 2021

On the web

EBA Clearing’s RT1 Reaches Critical Mass in Belgian for Instant Payments

Asset Servicing Times

EBA Clearing has revealed that its RT1 platform has reached critical mass in Belgium for instant payments.The pan-European instant payment infrastructure system now counts six participants based in Belgium: Aion SA, BNP Paribas Fortis, Belfius, CBC Banque, ING Belgium and KBC Bank.EBA says that with this coverage, the vast majority of Belgian payment accounts are now reachable for euro instant payments from all across Europe.”

January 25, 2021

On the web

Brazil’s Instant Payments System, PIX Already Accounts for 78% of Bank Transfers in the Country

LABS English

“Two months after its launch, PIX, Brazil’s instant payment system controlled by its Central Bank, is already used for 78% of all bank transfers in Brazil thanks to the low cost of the operation for banks and the ease for users. According to the Central Bank, Brazilians made 87.1 million bank transfers with PIX between January 1st and 17th (PIX was launched on November 16th, 2020). The amount of money handled by PIX in 2021 is already over BRL 60 billion and the average amount transferred is BRL 700.”

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