Payments News

On The Web

nbsp;

Systems

Merchants Want More Say As Faster Payments Develop

“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 […]
nbsp;

Systems

EBA Clearing’s RT1 Reaches Critical Mass in Belgian for Instant 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 […]
nbsp; nbsp; nbsp;

Global

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 […]
nbsp;

Systems

The Future of Payments Is Instant

“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. […]
nbsp;

Global

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

“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

nbsp;

Glenbrook

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 […]
nbsp; nbsp;

Global

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 […]