On The Web

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Global

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

July 2 2020

• in
• Faster payments
• UK

“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 […]

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Providers

BBVA Open Platform Helps Firms Move Money in Real-time

June 11 2020

• in
• Faster payments
• Open banking

“BBVA’s API-powered open banking platform has launched a real-time payments service, powered by Visa Direct, for US companies. Its latest offering takes advantage of Visa Direct to let companies, through a single integration with the platform’s Move Money API, offer their customers frictionless, real-time payments to and from eligible debit cards.”

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Global

Swedish Banks Set up P27 Migration Committee

June 10 2020

• in
• Faster payments
• Sweden

“The Swedish Bankers’ Association has formed a P27 Migration Committee, as the country prepares to replace its payment rails with a new pan-Nordic real-time cross border platform. P27’s initial goal is to enable real-time, batch, domestic and cross-border payments to be carried out quickly and at low cost between people and businesses within the countries […]

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Systems

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

July 31 2020

• in
• Faster payments

“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 […]

On The Wires

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Standards

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

July 21 2020

• in
• ASC X9
• Faster payments

“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 […]

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Systems

Alacriti Now a U.S. Faster Payments Council Member

July 28 2020

• in
• Faster payments

“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 […]

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Systems

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

July 30 2020

• in
• Faster payments

“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 […]

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Systems

MetaBank® Joins U.S. Faster Payments Council

July 29 2020

• in
• Faster payments

“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 […]

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Deals

Volante Technologies Receives $35m of Growth Funding From Leading International Investors to Accelerate Cloud Expansion Globally

August 3 2020

• in
• Faster payments
• Wires

“Volante Technologies Inc., a leading provider of payments and financial messaging solutions in the cloud, today announced that it has raised USD 35M in growth equity financing led by Wavecrest Growth Partners with strategic participation from BNY Mellon, Citi Ventures, PostePay and Visa Inc.”

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Domains

U.S. Faster Payments Council Releases Consumer Bill Pay Research White Paper

July 22 2020

• in
• Bill Payment
• Faster payments

“The U.S. Faster Payments Council (FPC), in partnership with Glenbrook , today released the research white paper, “Faster Payments and the Potential to Transform Consumer Bill Pay.” This latest paper is part of a three-year, multifaceted industry study consisting of quantitative and qualitative research, launched by the FPC and Glenbrook last year.”