On The Web

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Systems

Merchants Want More Say As Faster Payments Develop

February 16 2021

• in
• Faster payments

“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 […]

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Systems

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

February 10 2021

• in
• Faster payments

“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 […]

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Global

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

January 25 2021

• in
• Brazil
• Faster payments

“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 […]

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Global

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

January 13 2021

• in
• Faster payments
• Ireland

“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 […]

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Global

Pakistan Government Announces New Instant Digital Payment System

January 12 2021

• in
• Faster payments
• Pakistan

“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 […]

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Systems

The Future of Payments Is Instant

January 8 2021

• in
• Faster payments
• FedNow

“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. […]

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Global

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

December 10 2020

• in
• Faster payments
• Singapore
• Thailand

“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 […]

On The Wires

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Glenbrook

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

December 7 2020

• in
• Faster payments

“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 […]

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Standards

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

December 3 2020

• in
• ASC X9
• Faster payments
• Real-Time Payments

“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 […]

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Global

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

November 30 2020

• in
• Faster payments
• Singapore

“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 […]