Payments News » Faster payments

ECB takes on PayPal with instant payment system

November 30 2018

in
Faster payments

“Developed in just over a year, the ECB’s TARGET Instant Payment Settlement (TIPS) system will let people and companies in Europe transfer euros to each other within seconds and regardless of the opening hours of their local bank.”

Companies

How Zelle plans to recapture the smaller banks, credit unions it left behind

November 26 2018

“A year after its launch, Zelle’s P2P payment volume has rapidly expanded through usage at the nation’s largest banks. But enabling smaller institutions to offer it to their customers is proving to be more challenging. Early Warning, the bank-led company that operates Zelle, said 51 banks are live on its network, with more than 200 under […]

Systems

The Fed Unveils an Industry Group Charged With Developing Faster Payments

November 14 2018

in
Faster payments

“Following through on plans disclosed earlier this year, the Federal Reserve on Tuesday formally unveiled the U.S. Faster Payments Council, an industry group charged with collaborating to spur the adoption of faster payments and identify market opportunities. The 22 inaugural members range from retailing giant Walmart Inc. to Visa Inc. and Mastercard Inc. to some big banks, tech […]

Global

Mastercard bids to bypass own rails with Pay by Bank app promotion

December 5 2018

“Mastercard has recruited PPRO Group to help push the uptake of of its Pay by Bank app to merchants in the UK. Pay by Bank enables customers of UK businesses to make online payments for goods and services via their banking app, and directly from their bank account. The app was developed by Zapp, a unit set […]

Systems

For Walmart and Target, the Fed Holds the Keys to Faster Payments

December 6 2018

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Faster payments

“Walmart Inc. and Target Corp. want the Federal Reserve to help them get paid in real time. The retail giants are among the companies urging the Fed to develop a service to settle interbank transfers in real time, 24 hours a day, seven days a week. Such a service could ultimately eliminate the lag between when consumers use debit cards to […]

Deals

Vocalink to revamp Peru’s payments system

December 12 2018

“Vocalink has signed a contract with Peru’s automated clearing house Cámara de Compensación Electrónica (CCE) to modernise the nation’s electronic payments infrastructure. According to the firms, this deal will see the creation of a new integrated service that will deliver processing of electronic payments (cheques, bulk and real-time) 24/7 x 365 days of the year.”

Systems

Risk, fintechs and regs spark real-time payment reforms in U.K.

December 12 2018

“The rise of digital payments, new non-bank competition, fraud challenges, a need for improved resilience and the changed regulatory environment are spurring two major updates to the U.K.’s faster payments system. The Bank of England is upgrading the U.K.’s Real-Time Gross Settlement (RTGS) system. Separately, the U.K. payments authority, Pay.UK, is developing a New Payments Architecture that […]

Systems

NACHA Wants the Fed To Take a Broader View of Faster Payments

December 6 2018

in
Faster payments

“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 […]

Systems

Active Role for Fed in Real-Time Payments Gets Support from Big Companies and Small Banks

December 19 2018

in
Faster payments

“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.””

Systems

ECB goes live with pan-European instant payments

December 3 2018

in
Faster payments

“The European Central Bank (ECB) has launched an innovative pan-European service for settling electronic payments instantly. TARGET instant payment settlement (TIPS) uses central bank money to settle payments individually in less than 10 seconds.”