“On 10 September 2019, the  Scheme Management Board (SMB) – the body responsible for the administration and evolution of the  Single Euro Payments Area (  ) payment schemes, decided to amend the maximum amount per  Instant Credit Transfer (  Inst) transaction to 100,000 euros, effective as of 1 July 2020. For the time being, the maximum amount an Originator can transfer via a single  Inst transaction is set at 15,000 euros until the beginning of July 2020.”

“J.P. Morgan Chase wants to disrupt the fintech disruptors. The company is rolling out free same-day deposits to customers of its WePay platform who have bank accounts with the firm, according to Bill Clerico, CEO of WePay. J.P. Morgan acquired the Silicon Valley-based start-up in December 2017.   “With other payment processors, when a small business is looking to get paid, it can take 24, 48, sometimes 72 hours over the weekend for that payment to hit,” Clerico said in a telephone interview. “Because we are a bank [as well as a payments processor], we can deposit their credit-card proceeds the same day, including weekends, at no additional cost.””

“The new functionality will help tens of thousands of U.S. small businesses that use platforms like BigCommerce and Xero to get paid faster. It also showcases the combined capabilities of a Silicon Valley financial technology company joining one of the world’s largest, most admired financial institutions. JPMorgan Chase acquired WePay in December 2017. Same-Day Deposits are available to WePay merchants who bank with Chase, subject to daily cutoff times.”

“For example, one inquirer asked about FedNow’s cost. The answer is that pricing hasn’t been set. But Kirstin Wells, the Federal Reserve Board’s principal economist, said a price structure could take its cues from pricing for existing Fed services, such as for automated clearing house transactions, that have participation and transaction fees. “We are not going to be announcing any kind of fee or fee structure until closer to implementation because we’re going to be looking at what the market conventions are at the time of implementation and try to correspond closely to those,” Wells said. She added that the Fed is obligated under the Monetary Control Act to recover its costs.”

“It is difficult to determine whether instances of fraud will increase or decrease under a RTP framework. Certainly because of the near instantaneous nature of the transaction, fraudsters have less time to engage in any transaction. However, the time barrier that financial institutions and others have used to verify the validity of the transaction will disappear as well, allowing the transaction to “settle” before fraudulent activity can be detected. Under these circumstances, parties in the payments ecosystem must determine who will bear the risk of loss from fraud.”

“The Federal Reserve , rebuffing an intensive Wall Street lobbying campaign, plans to create a real-time payment system that will compete with a venture formed by big banks.    The FedNow Service, set to begin operating by 2023 or 2024, will modernize the payments infrastructure by allowing money to be moved almost instantly at every hour of every day, the regulator said in a statement Monday. The system could give consumers and businesses more flexibility in managing money and making time-sensitive payments, the Fed says.”

“We are already seeing how these real-time capabilities are providing for tremendous advances in speed, convenience, and security in how Americans receive and send funds. We are excited about the many ways that this revolution in payments will continue to deliver new benefits to depository institutions and their customers. While we will stay abreast of the Fed’s efforts to develop its own real-time payments system which may become available in 2023 or 2024, our focus will remain on ensuring that the RTP network has reach to all depository institutions.”

“Baldwin Hackett & Meeks, Inc. (BHMI) , a leading provider of enterprise software applications and creator of the Concourse Financial Software Suite™ , announced that Early Warning Services, LLC, the network operator behind the Zelle® fast payments network, has selected Concourse to support disputes management for payment transactions processed by the Zelle Network®.”

“Through the FedNow Service, we will provide a foundation for the future—a modern payment infrastructure that allows innovation and competition to flourish and delivers faster payments safely and securely for all. To ensure fast payments are available to everyone, FedNow will be accessible to all banks, no matter the size. Given our long-standing service connections with more than 10,000 banks across the country, the Federal Reserve is uniquely placed to deliver this outcome.”

“Community groups, smaller banks and advocates for low-wage earners have been calling for the Fed to limit the delay and to create a public sector option for real-time payments. But some in the banking industry, particularly large banks, have pushed back against the effort over concerns that the Fed’s involvement will compete with their products and potentially crowd out private-sector efforts.”

“The Central Bank of Montenegro has begun preparations for introducing instant payments, which, when put into use, will significantly increase non-cash payments in Montenegro, said the representatives of this supreme monetary institution to Pobjeda daily.”

“SBI Ripple Asia , a joint venture between blockchain startup Ripple and Japanese financial services giant SBI Holdings, last week announced the launch of a demonstration test of its Money Tap app that would allow in-store payments. Launched last October, Money Tap offers real-time settlement for domestic payments in Japan. It uses xCurrent – Ripple’s enterprise software for messaging and international transaction settlement.”

“The UK’s NatWest bank has launched a new service that will let consumers pay online merchants directly from their bank accounts, “saving merchants at least 25% of card processing costs”. “The service removes the need to input long card numbers; customers can simply select the payment type and their bank during the checkout process, at which point they will be redirected to their own bank’s online banking page or mobile app,” NatWest says.”

“Will it or won’t it? Those eagerly awaiting word about whether the Federal Reserve will directly operate a real-time gross settlement system will have to wait a bit longer. The Fed last October said it was considering whether to directly develop and operate a RTGS system as an outgrowth of its years-long payment system improvement project to promote faster, more efficient, and more secure U.S. payments. But a direct Fed role in faster payments is controversial, even though the Fed has operated one of the nation’s two automated clearing house network switches for years.”

“ACI’s solution offers participating Saudi banks faster and lower-risk onboarding to the new real-time services through its global partnership with Vocalink , a Mastercard company and a leading technology provider, which announced last week that it has partnered with the Saudi Arabian Monetary Authority (SAMA) to launch real-time payments in the Kingdom.”

“Dubbed JHA PayCenter, the new payment hub will offer the vendor’s core clients access to faster payment networks such as Zelle and the RTP network. The process is said to be a low cost one. Through the hub, financial providers can centralise the manner in which real-time payments are sent and received, Jack Henry said. According to the vendor, the hub’s open infrastructure has been designed to facilitate product development. The new payments hub will have a phased roll-out this year.”

“She is one of three former Fed executives who responded to the Fed’s request for comments on whether the central bank should develop its own real-time payments system which would compete with a system being slowly rolled out by The Clearing House. All three think the Fed should develop and operate a real-time payments system.”

“Some of the nation’s largest corporations are on board with the Fed taking a direct role in a real-time payments service. Addressing a question in a regulatory notice about whether the Fed should develop a 24-hours-per-day, 365-days-a-year payment service, a letter from Walmart Inc. answers “yes.””

“NACHA is not taking a position on whether the Federal Reserve should build a proposed real-time settlement system, but in comments this week the automated clearing house governing body said it is concerned the Fed’s current proposal is “too narrowly focused” and favors instant payments at the expense of other payment types.The Fed in early October issued a request for comments on a project it dubs Real Time Gross Settlement that would operate 24 hours a day, 365 days a year. The Fed potentially would play the role of operator, thereby putting the central bank into direct competition with private-sector entities. The Fed is taking comments until Dec. 14.”