Payments News

On The Web

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Systems

The Federal Reserve’s Entry into Real-Time Payments

“It is difficult to determine whether instances of fraud will increase or decrease under a RTP framework. Certainly because of the near instantaneous nature of the transaction, fraudsters have less time to engage in any transaction. However, the time barrier that financial institutions and others have used to verify the validity of the transaction will […]
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Risk & Fraud

Aussie Banks Warn Customers After Fresh PayID Data Breach

“NPP Australia said that an undisclosed number of PayID records “and associated data in the Addressing Service were exposed by a vulnerability in one of the financial institutions sponsored into the NPP by Cuscal Limited.” “Cuscal has confirmed that the client-side technical issues underlying the exposure were identified and resolved immediately,” it said in an […]
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Systems

Fed’s Real-Time Payments System to Compete With Wall Street

“The Federal Reserve , rebuffing an intensive Wall Street lobbying campaign, plans to create a real-time payment system that will compete with a venture formed by big banks.    The FedNow Service, set to begin operating by 2023 or 2024, will modernize the payments infrastructure by allowing money to be moved almost instantly at every […]
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Domains

Treasurers See Plenty of Use Cases for Real-Time Payments, And They’re Writing Fewer Checks

“Corporate treasurers can identify numerous use cases for real-time or otherwise faster payments, but they do worry about transaction security, according to the Association for Financial Professionals. Some 60% of respondents surveyed in the AFP’s newly released 2019 payments study said business-to-business transactions will benefit the most from faster and real-time payment systems, with consumer-to-business […]
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Systems

Pricing, Disputed Transactions Among Undetermined FedNow Issues

“For example, one inquirer asked about FedNow’s cost. The answer is that pricing hasn’t been set. But Kirstin Wells, the Federal Reserve Board’s principal economist, said a price structure could take its cues from pricing for existing Fed services, such as for automated clearing house transactions, that have participation and transaction fees. “We are not […]
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Systems

Amendment to the Maximum Amount Per SCT Inst Transaction to 100,000 Euros

“On 10 September 2019, the  Scheme Management Board (SMB) – the body responsible for the administration and evolution of the  Single Euro Payments Area (  ) payment schemes, decided to amend the maximum amount per  Instant Credit Transfer (  Inst) transaction to 100,000 euros, effective as of 1 July 2020. For the time being, the maximum amount an Originator can transfer via a single  Inst […]
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Systems

JP Morgan Takes on Stripe and Square With Faster Payments for Merchants

“J.P. Morgan Chase wants to disrupt the fintech disruptors. The company is rolling out free same-day deposits to customers of its WePay platform who have bank accounts with the firm, according to Bill Clerico, CEO of WePay. J.P. Morgan acquired the Silicon Valley-based start-up in December 2017.   “With other payment processors, when a small […]

On The Wires

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Systems

BHMI Selected to Support Back-Office Functionality of the Zelle Network®

“Baldwin Hackett & Meeks, Inc. (BHMI) , a leading provider of enterprise software applications and creator of the Concourse Financial Software Suite™ , announced that Early Warning Services, LLC, the network operator behind the Zelle® fast payments network, has selected Concourse to support disputes management for payment transactions processed by the Zelle Network®.”
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Systems

The Clearing House Remains Focused on Operating and Growing the RTP® Network | The Clearing House

“We are already seeing how these real-time capabilities are providing for tremendous advances in speed, convenience, and security in how Americans receive and send funds. We are excited about the many ways that this revolution in payments will continue to deliver new benefits to depository institutions and their customers. While we will stay abreast of […]
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Systems

WePay Launches Same-Day Deposits to Chase Bank Accounts at No Additional Cost

“The new functionality will help tens of thousands of U.S. small businesses that use platforms like BigCommerce and Xero to get paid faster. It also showcases the combined capabilities of a Silicon Valley financial technology company joining one of the world’s largest, most admired financial institutions. JPMorgan Chase acquired WePay in December 2017. Same-Day Deposits […]