On The Web

nbsp;

Deals

Vocalink to revamp Peru’s payments system

December 12 2018

• in
• Faster payments
• Peru

“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.”

nbsp;

Systems

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

December 12 2018

• in
• Faster payments
• RTGS

“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 […]

nbsp;

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 […]

nbsp;

Systems

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

December 6 2018

• in
• 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 […]

nbsp;

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.””

nbsp;

Global

Payments and market infrastructure development: Reserve Bank of Australia – Central Banking

January 24 2019

• in
• Australia
• Faster payments

“The final result bore fruit in February 2017 with the creation of the New Payments Platform – a ‘new set of payment rails’ to allow real-time payments. The NPPconsists of two sets of payment infrastructure – the NPP ‘basic infrastructure’, run and designed by Swift, and the RBA’s Fast Settlement Service.”

nbsp;

Systems

Jack Henry & Associates Unveils Faster Payments Hub

March 13 2019

• in
• Faster payments

“Dubbed JHA PayCenter, the new payment hub will offer the vendor’s core clients access to faster payment networks such as Zelle and the RTP network. The process is said to be a low cost one. Through the hub, financial providers can centralise the manner in which real-time payments are sent and received, Jack Henry said. […]

nbsp;

Domains

Is this Swift’s answer to Ripple?

February 12 2019

• in
• Cross-border payments
• Faster payments

“But lately Swift, which once considered Ripple and other tech company rivals an existential threat, has struck a more confident tone. Swift says the progress it is making with so-called global payments innovation, or GPI — technology that lets banks see where their payments are at all times, and that comes with rules around response […]

nbsp;

Systems

The Fed Should Develop Its Own Real-Time Payments, Say Three Former Fed Payment Experts

January 31 2019

• in
• Faster payments

“She is one of three former Fed executives who responded to the Fed’s request for comments on whether the central bank should develop its own real-time payments system which would compete with a system being slowly rolled out by The Clearing House. All three think the Fed should develop and operate a real-time payments system.”

nbsp;

Domains

IBM Launches A Blockchain-Based Global Payments Network Using Stellar’s Cryptocurrency

March 18 2019

• in
• Cryptocurrencies
• Faster payments
• Global Payments

“IBM Blockchain World Wire will help financial institutions improve the services they deliver to their consumers by optimizing and accelerating foreign exchange, cross border payments and remittances. Using the Stellar protocol, World Wire serves as a network provider for international payments, enabling point-to-point money transfers in lieu of the complexities of conventional correspondent banking. While IBM announced an […]