On The Web

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Global

Wait Goes On For ‘Instant’ Payments

July 11 2018

• in
• Faster payments
• UK

“A backlog of payments – including wages – that were blocked by an IT problem on Sunday has yet to be cleared, three days on from the glitch. Some bank customers have spoken of their frustration that payments had not yet reached their destination. The Faster Payments system should see money moved within two hours. […]

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Systems

UK Faster Payments Suffers Seriously Slow Service

July 10 2018

• in
• Faster payments

“The UK’s Faster Payments service experienced issues with its central infrastructure between 1-5.30pm on Sunday (8 July), causing delays to payments sent during that time. Faster Payments says the “vast majority” of the backlog of payments were processed later on 8 July, but it is aware that a “limited” number of payments that were submitted between 1-5.30pm […]

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Risk & Fraud

Uncovered: cruel scam so slick even the vigilant can be duped

April 30 2018

• in
• Faster payments
• Push payment fraud

“In 2017, UK bank customers lost more than £236m in so-called “authorised push-payment scams” where individuals are deceived into transferring money into a fraudster’s account. The scammers usually start with a phone call purporting to be from the police or a bank, or with an email from a cloned address masquerading as a payment request […]

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Domains

SWIFT Trials Instant Cross-Border Payments Service in Asia Pacific

August 27 2018

• in
• Cross-border payments
• Faster payments

“SWIFT is set to trial its gpi payments service using Australia’s New Payments Platform, together with banks from China, Singapore and Thailand. SWIFT will test its new instant cross border gpi (global payments innovation) payments service in the Asia Pacific region using Australia’s New Payments Platform, the company said in a release on Thursday (23 August).”

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Global

HUNGARIAN INSTANT PAYMENTS PROJECT PROGRESSING AS PLANNED

September 4 2018

• in
• Faster payments
• Hungary

“In less than a year from now, on 1st July 2019, the instant payment system of Hungary will go live – fundamentally changing the way Hungarians make payments.  The implementation of the instant payment system is an historic step not only for GIRO, a leading provider of services to financial institutions in Hungary, but for the entire Hungarian […]

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Systems

As Transaction Volume Grows, NACHA Smooths out the Road for Same-Day ACH

September 17 2018

• in
• ACH
• Faster payments

“Effective March 20, 2020, the dollar limit on same-day transactions will quadruple from $25,000 to $100,000, NACHA announced. This change will be especially important to institutions looking to handle more business-to-business payments, many of which were ruled out by the existing cap. “We’ve been hearing from end-users,” Jane Larimer, chief operating officer at Herndon, Va.-based NACHA, tells Digital […]

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Global

Fast payments off to a slow start

September 5 2018

• in
• Australia
• Faster payments

“The Reserve Bank, which pushed banks to invest in the platform, last month said it was “disappointing” some major banks were not ready to offer the service back in February, despite having years to prepare.”

On The Wires

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Companies

ACI Worldwide and SWIFT Empower Banks to Take Advantage of Real-Time, Cross-Border Payments Revolution

September 12 2018

• in
• ACI Worldwide
• Faster payments

“ACI, the first certified vendor of SWIFT gpi solutions and a SWIFT partner for more than 20 years, is offering two new capabilities to help banks derive the full value of SWIFT gpi – ACI Swift gpi Data Service and ACI SWIFT gpi Connect. Both are designed to enable banks to take full advantage of today’s new real-time, […]

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Systems

Viva Wallet activates UK IBAN accounts for its business customers

September 10 2018

• in
• Faster payments

“The UK IBAN business accounts (with sort code 04-00-24) as well as the direct money transfers enrich the fully integrated payment services that Viva Wallet offers to its customers. Business in the UK can now open a business account in just two minutes and accept payments in their physical and online store, use the Viva […]

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Systems

ACH Network Payment Volume Increases More Than Six Percent In Second Quarter Of 2018

July 25 2018

• in
• ACH
• Faster payments

“ACH debit and credit transactions totaled more than 5.7 billion in the second quarter of 2018, a 6.2 percent increase when compared to Q2 2017, according to NACHA—The Electronic Payments Association. This percentage increase represents one of the highest growth rates since 2008. The strong quarterly performance demonstrates that ACH payments, including Same Day ACH […]