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February 10, 2022
On the web
EU Commission to Legislate for Full EU-wide Coverage of Instant Payments
Finextra Research
“The European Commission is set to introduce legislation covering a digital euro and full EU-wide coverage of instant payments through Sepa Instant early next year. The bill will serve as the legal foundation for the European Central Bank’s ongoing technical work on the creation of a central bank digital currency. On instant payments, the proposed legislative changes are intended to address the fragmented market for cross-border real-time payments and provide a spur to Open Banking initiatives across the Union.”
November 8, 2021
On the wires
Citi’s Instant Payments Now Available in 28 Markets and All Global Regions
“Citi’s Treasury and Trade Solutions (TTS) launches domestic instant payments in Brazil bringing its global footprint to 28 markets in multiple geographic regions. Usage of Citi’s instant payments platform has grown at an unprecedented rate, of over 100% growth in the last 12 months. With Instant payments, also known as real-time or immediate payments, funds can be transmitted within seconds, 24/7 and are available to recipients immediately. By using Citi’s innovative platform, institutional clients have the ability to receive and send payments instantly, 24/7. Consumers benefit from speed, convenience and flexibility as well.”
October 6, 2021
On the web
Brazil’s Central Bank Built a Mobile Payment System With 110 Million Users
Bloomberg
“Pix, a system which allows fast money transfers over smartphones, has become ubiquitous in the 11 months since it was launched by Brazil’s central bank. All that’s needed to send cash to someone is a simple key they’ve set up, such as an email address or phone number. Similar to the privately owned Zelle in the U.S., Pix works through multiple apps from banks and other digital wallet services. It’s already been used at least once by 110 million Brazilians and about $89 billion has moved through the network. Brazil now registers more instant transfers than the U.S.”
August 31, 2021
On the web
Federal Reserve Receives Few Comments On Proposed Rules For FedNow
Forbes
“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.”
July 12, 2021
On the wires
ICBA Bancard and Finzly Partner to Offer Instant Payments
“Finzly , a fintech provider of modern banking applications for payments, foreign exchange, trade finance and digital account opening, today announced a new partnership with ICBA Bancard, the payments services subsidiary of The Independent Community Bankers of America (ICBA), to facilitate instant payments via Finzly’s Payment Galaxy, a payment hub for improved convenience, cash flow and efficiency for community banks and their customers.”
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