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January 13, 2021

On the web

Irish Banks Select Italian Fintech Sia to Develop App to Rival Revolut

The Irish Times

“The group of Irish banks seeking to set up an instantaneous money-transfer mobile app to take on the likes of Revolut and N26 have selected Italian fintech giant Sia to provide the technology, according to sources. Sia, which is backed by Italian state-owned investment firm Cassa Depositi e Prestiti (CDP) and is currently in the process of merging with fellow Milan payments giant Nexi , is yet to sign final contracts, as the entire plan is dependent on approval by the Competition and Consumer Protection Commission (CCPC), they said.”

January 12, 2021

On the web

Pakistan Government Announces New Instant Digital Payment System


“Pakistan has announced a new government-run instant digital payment system in a bid to boost financial inclusion and government revenue in the country where only a fraction of economic transactions occur on the books. The new system, called “Raast” or “direct way”, will be rolled out in three phases culminating in early 2022, officials from the State Bank of Pakistan said on Monday. Developed through a multi-year collaboration between the State Bank of Pakistan and the Bill & Melinda Gates Foundation, with support from the World Bank, Britain and the United Nations, one goal for Raast is to boost involvement of women in the formal economy.”

January 8, 2021

On the web

The Future of Payments Is Instant

Progressive Grocer

“Change in the payments industry has been accelerated by COVID-19. Merchants have responded by making it easier than ever for their customers to make in-person contactless payments and purchase goods online from the safety of their homes. The Federal Reserve intends to support payments change with its first major new payment system in four decades. Merchants will be among those to reap the benefits.”

December 10, 2020

On the web

PayNow and Thailand’s PromptPay to link up next year in trailblazing move

The Business Times

“FROM mid-2021, users of Singapore’s PayNow and Thailand’s equivalent PromptPay will be able to send money instantly and securely across the two countries with their mobile phone numbers at “competitive rates”, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS). This linkage between two countries’ national faster payment systems will be the first of its kind in the world, noted Mr Menon on the second day of the Singapore Fintech Festival x Singapore Week of Innovation and TeCHnology.”

December 7, 2020

Top Post

U.S. Faster Payments Council Shares Insights from 2nd Annual Faster Payments Barometer

“The U.S. Faster Payments Council (FPC), in partnership with Glenbrook Partners, today released results from the 2nd annual Faster Payments Barometer . As part of its ongoing mission to understand, influence, and drive the industry toward a ubiquitous faster payments system, the FPC conducted the latest survey of payments system stakeholders to gauge their views on a variety of topics related to faster payments in the United States.”

December 3, 2020

On the wires

ASC X9 Forms Real-time Payments Study Group; Participants Sought

“Today the Accredited Standards Committee X9 Inc. ( X9 ) announced the formation of a new study group focused on faster/real-time payments. The study group will review real-time and faster payments activity in the financial industry, with the intent to become X9’s central point of contact for all related and supporting X9 technical standards and to coordinate related work within X9. People with interest in real-time payments are invited to join the X9 Real-time Payments Study Group.”

November 30, 2020

On the wires

Non-Bank Financial Institutions to have Access to FAST and PayNow

“The Monetary Authority of Singapore (MAS) announced today that eligible non-bank financial institutions (NFIs) will have direct access to the banking system’s retail payments infrastructure from February 2021. NFIs that are licenced as major payment institutions under the Payment Services Act will be allowed to connect directly to Fast and Secure Transfers (FAST) [1] and PayNow [2] .”

November 16, 2020

On the web

Brazil launches ‘Pix’ instant payments system, Whatsapp to enter ‘soon’


“Brazil’s central bank on Monday launched an instant payments platform that will speed up and simplify transactions, as well as foster financial sector competition and lure in new players such as big techs Facebook Inc and Google. Dubbed “Pix,” the state-owned instant payments system allows consumers and companies to make money transfers 24 hours a day, seven days a week, without requiring debit or credit cards. It is also free of charge for individuals.”

November 3, 2020

On the web

With Real-Time Networks on the Way, Processors Prepare to Give Businesses a Piece of the Action

Digital Transactions

“As consumers adopt real-time payments in the coming years, payments providers are expecting businesses large and small to follow suit. News released Monday indicates preparations are already under way. Canadian processor Everlink Payments Services Inc. and Fintainium Inc., a Jacksonville, Fla.-based developer of cloud-based technologies for financial institutions, have agreed to develop real-time capability for transfers between businesses and from businesses to consumers.”

November 2, 2020

On the wires

Zelle Network® Exceeds One Billion Payments in 12 Months, Setting a New Record for the Payments Network

“Early Warning Services, LLC, the network operator behind Zelle®, today announced that during the past 12 months (September 2019 – September 2020), the Zelle Network processed more than one billion payment transactions. In Q3 2020, the Zelle Network processed 323 million transactions, totaling $84 billion in money sent — an increase of 17% and 18% quarter-over-quarter, respectively.”

October 8, 2020

On the wires

The Whole World Will Be Instant in a While, and So Will Payments

“Sibos has been a breeding ground for new ideas and visions in the world of payments for years. If you look at last year, you saw a positive vibe around Instant Payments, but there were also some concerns about whether banks were adapting quickly enough to the new digital era.Now Sibos 2020 started, member of Worldline’s Executive Committee Michael Steinbach gives his vision on Instant Payments, the digital development of the banking sector and the global battle for payment solutions between the US, China and Europe.”

October 7, 2020

On the wires

October 6, 2020

Top Post

U.S. Faster Payments Evolution: Share Your Thoughts on the Journey

“For most of us, the pandemic has upended our way of life. It has changed our working styles and environments. It has altered shopping habits. It has driven a surge in touchless and remote transactions. And while all of these are colossal shifts for the American people, the one even larger change stemming from the pandemic lies in the transition to faster payments.”

On the web

October 5, 2020

Top Post

September 28, 2020

On the web

While Momentum Builds for Real-Time Payments, Research Tags the U.S. Market As a Laggard

Digital Transactions

“Real-time payments are gaining momentum in the United States, but research released Monday indicates the U.S. market remains a laggard. The total value of so-called instant payments will reach $18 trillion in 2025, but the U.S. share of that market will total just 8%, or $1.4 trillion, according to a forecast by Juniper Research.  The Basingstoke, United Kingdom-based firm defines an “instant payment” as one in which the transaction is complete within 10 seconds.”

September 22, 2020

On the wires

MetaBank Announces Partnerships with Finix and TabaPay to Offer Faster Payments

“MetaBank,® N.A. (“Meta”) today announced the expansion of its faster payments platform to include processors Finix and TabaPay . Meta is committed to leading the enablement of payments technology, and this announcement marks its latest expansion within the faster payments space. With this addition of Finix and TabaPay, Meta is giving its partners numerous options to process faster payments through Mastercard Send and Visa Direct. Each of these options can help improve payment experiences, strengthen business relationships and streamline operations.”

September 18, 2020

On the wires

EVO Payments Introduces Express Deposit

“EVO Payments, Inc. (NASDAQ: EVOP) (“EVO”), a leading global provider of payment technology integrations and acquiring solutions, today announced the launch of EVO Express Deposit enabled by Visa Direct, Visa’s real-time push payments platform. Through EVO’s Visa Direct solution provider, and the integration of Visa Direct, EVO Express Deposit enables qualified merchants in the U.S. to receive funds for card transactions in real-time.”

August 17, 2020

On the web

Revolut Boosts Real-Time Payments with SEPA Instant Euro

Finance Magnates

“Revolut, which bills itself as a “digital banking alternative”, is boosting its real-time payments offering with the launch of Sepa Instant in Europe. The move rounds out the fintech’s real-time payment capabilities in different currencies via its network. As it touts its new service in the area, Revolut said it has become one of the few institutions authorized to enable instant p2b, p2p, b2b, and b2p payments, between any points within the European Economic Area (EEA).”

August 11, 2020

On the wires

Bank of Canada designates Interac e‑Transfer as a prominent payment system

“Bank of Canada Governor Tiff Macklem has designated Interac e‑Transfer ® as a prominent payment system under the Payment Clearing and Settlement Act, effective August 10, 2020. This brings Bank oversight to this payment system and ensures it remains a safe, viable and effective method of payment for Canadians. The Bank regularly monitors the evolution of new and existing payment systems to determine whether they warrant oversight because of their potential to cause systemic or payment system risk. Designating Interac e‑Transfer as a prominent payment system means it must adhere to the Bank’s risk management standards, including having risk controls in place to ensure continued resilience.”

August 6, 2020

Top Post

Federal Reserve Announces Details of New 24x7x365 Interbank Settlement Service With Clearing Functionality to Support Instant Payments in the United States

“The Federal Reserve Board on Thursday announced details of the FedNow℠ Service, a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States. The features and functionality described in the accompanying Federal Register notice represent a key milestone in the FedNow Service’s development and are based on input received from the public in response to the Board’s 2019 request for comment. The Federal Reserve will take a phased approach to service implementation. The first release of the FedNow Service will provide core clearing and settlement features that will support market needs and help banks manage the transition to a 24x7x365 service.”

August 3, 2020

On the wires

July 31, 2020

Top Post

Pandemic Gives U.S. Faster Payments Council Role of Easing Digital Transitions


“Whether deserved or not, the payments industry has had a hard time shaking its decades-long stigma that any type of forward step will be long and drawn out. But contrary to that trend, the U.S. Faster Payments Council — created through a recommendation from the Faster Payments Task Force — has proved to be effective in its mission of promoting faster payments and pushing the industry through potential roadblocks with information and data for merchants, corporations and banks to better understand how systems work and what they offer.”

July 30, 2020

On the wires

Bank of England Selects Accenture to Renew Its Real-Time Gross Settlement Service

“Accenture has been selected to work with the Bank of England to renew the Real-Time Gross Settlement (RTGS) service to support resilience and innovation in payments and settlements in the U.K.  In this role, Accenture will be the technology delivery partner for the RTGS Renewal Programme, working with the Bank of England to deliver this critical national payments infrastructure. The RTGS Renewal Programme includes building and integrating the new RTGS platform and improving data access and providing a service that will support the financial services sector and their customers in the years to come.”

July 29, 2020

On the wires

MetaBank® Joins U.S. Faster Payments Council

“MetaBank® today announced it has joined the U.S. Faster Payments Council (“FPC”). MetaBank, N.A. (“Meta”) is committed to leading the enablement of payments technology, and this announcement marks its latest expansion within the faster payments space. Meta is a federally chartered bank, a subsidiary of Meta Financial Group, Inc.® and a leader in providing innovative financial solutions to consumers and businesses throughout the country. The Faster Payments Council is an inclusive membership organization devoted to advancing faster payments in the United States.”

July 28, 2020

On the wires

Alacriti Now a U.S. Faster Payments Council Member

Alacriti , a SaaS-based fintech company specializing in payments, today announced that it has joined the U.S. Faster Payments Council (FPC), a membership organization dedicated to advancing faster payments in the United States. Alacriti brings its deep expertise in banking and payments and experience working with various financial institutions to help guide the market in simplifying the transition to faster payments.”

July 22, 2020

Top Post

July 21, 2020

On the wires

ASC X9 Expands Mission of Corporate Banking Committee To Become an Industry Focal Point for Faster/Real-time Payments Initiatives

“The Accredited Standards Committee X9 Inc. ( X9 ) today announced that it has expanded the scope of its X9C Corporate Banking Committee to add focus on faster/real-time payments. The group is newly empowered to track all faster payments activity in the financial industry, and the intent is for it to become X9’s central point of contact for industry standards related to this area. Additional participants who have interest in this area are invited to join the effort .”

July 2, 2020

On the web

How the U.K.’s Rollout of Confirmation of Payee Combats Fraud Despite Delays


“The U.K.’s six major banking groups are now required to have implemented the new Confirmation of Payee (CoP) scheme for Faster Payments and Chaps as part of a regulatory push to tackle the rampant rise in Authorized Push Payment (APP) fraud. U.K. Finance recently revealed that APP fraud losses totalled a staggering £455.8 million in 2019, more than half of the total £824.8m losses to unauthorised card, remote banking, and cheque fraud. Consumer groups such as Which? have long campaigned for the CoP system to be adopted across the banking industry, following growing concerns that the lack of a clear validation tool when making payments was facilitating fraud.”

June 11, 2020

On the web

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