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Risk & Fraud

Britain’s Digital Payments Have Gotten Too Fast

November 6 2019

• in
• Faster payments
• Push payment fraud

“Unlike debit and credit card networks, which have certain types of fraud protection , consumers have had little recourse from scams involving bank-to-bank transactions. More than £600 million ($772 million) was stolen through scams, including unauthorized card fraud, in Britain during the first six-months of the year, according to trade association UK Finance .”

On The Web

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Systems

Cambodia Begins Rollout of National Mobile Payments Platform

October 30 2019

• in
• Faster payments
• QR codes

“The National Bank of Cambodia has begun the rollout of a national mobile payments platform based on real-time funds transfers, QR mobile payments and a single electronic clearing system.”

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Systems

WHSmith to Accept Online Payments Direct From UK Customers’ Bank Accounts

October 23 2019

• in
• Faster payments

“Mastercard has signed up four WHSmith retail brands for Pay by Bank (PbBa), a strong customer authentication-compliant payments service that uses customers’ mobile banking apps and the UK’s faster payments system to let online retailers accept payments direct from shoppers’ bank accounts.”

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Systems

The Fed Wants To Get FedNow Into Market Quickly, But Hasn’t Changed Its Rollout Schedule

October 15 2019

• in
• Faster payments

“Two senior Federal Reserve officials said Tuesday they are committed to rolling out the proposed FedNow real-time payments service as quickly as possible, but they didn’t say the original schedule calling for a launch in 2023 or even 2024 will be shortened. “We will be making every effort, I think, to go sooner if we can,” […]

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Systems

For FedNow, a Lot More Questions Than Answers

October 10 2019

• in
• Faster payments

“Two Fed officials fielded questions about those topics and more during a 90-minute Fed-sponsored webinar last month. Much of what was discussed wasn’t new, but some new factoids emerged as well as identification of issues that will be getting much more attention as the service develops (“The New Reality in Real-Time Payments,” September). For example, […]

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Reports

U.S. FASTER PAYMENTS BAROMETER — SURVEY RESULTS

November 6 2019

• in
• Faster payments

“Glenbrook and the U.S. Faster Payments Council (FPC) are pleased to present results from year one of the U.S. Faster Payments Barometer. In the inaugural survey, over 700 industry professionals with broad representation from across the ecosystem responded. Results revealed how respondents are using faster payments today, the challenges facing their organizations, and what the industry […]

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Systems

EBA CLEARING Delivers Specifications for a Pan-European Request to Pay Infrastructure Solution

December 17 2019

• in
• Faster payments

“The specifications have been created with the support of 27 financial institutions from 11 countries and will be made available to payment service providers and their suppliers for their joining preparations.The development work for EBA CLEARING’s R2P solution is on track for a scheduled go-live in November 2020.”

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Systems

‘There’s Going to Be Room for Both Systems’

November 26 2019

• in
• Faster payments

“In a sit-down interview, Cleveland Fed President Loretta Mester discusses how the FedNow real-time payment system will work alongside a big-bank one, and threats to financial stability.”

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Regulation

Modulr Joins UK’s Faster Payment Service to Accelerate Payments

November 8 2019

• in
• Faster payments
• PSD2

“Payments as a Service platform Modulr has joined Faster Payment Service (FPS), a UK banking initiative to reduce payment times. The fintech also holds an account in the Bank of England’s (BoE) Real-Time Gross Settlement (RTGS) system, authorising it to make settlements in central bank money.”

On The Wires

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Systems

BMO Harris Bank Offers Zelle® to Commercial Banking Customers

January 24 2020

• in
• Faster payments

“BMO Harris Bank continues to expand its digital banking capabilities for its commercial customers with their recent launch of Payments with Zelle. The payment service makes it easy and fast for commercial clients to pay individuals in minutes without the banking information required for ACH transactions*. From rebates, to returns, to payroll or insurance payouts, […]