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Does Zelle Make Sense at the Point of Sale?

April 8 2022

“The biggest question surrounding the concept is why banks, who earn billions in their cut of credit and debit card interchange fees, would potentially undermine that revenue stream by providing Zelle as a cheaper alternative at the point of sale. But observers say U.S. financial institutions are wise to begin contemplating how their future roles […]
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Systems

FCA Concerned Over Binance Gaining Access to UK Payment Network: Report

February 16 2022

“The Financial Conduct Authority (FCA), U.K’s financial regulator, has expressed concern over crypto exchange Binance gaining access to the country’s primary payments network, the Financial Times reported on Wednesday . Binance has secured a deal with payments group Paysafe to gain access to the Faster Payment Service, the U.K. network that allows consumers and businesses […]
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Systems

UK’s Faster Payments Quadruples Transaction Limit to £1million

February 8 2022

“A Pay.UK spokesperson has confirmed that the Faster Payment System transaction limit has today increased from £250,000 to £1 million…This increase in transaction limit reflects demand from corporate customers and helps to provide greater choice in the market for those organisations wishing to make higher-value payments.”
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Systems

New Canadian B2B Payments Network Offers Test Case for U.S.

August 25 2021

“Canadian banks and credit unions are preparing for real-time payments with a test drive for businesses. Thirteen of the country’s financial institutions are launching an instant business-to-business payments service more than a year ahead of the rollout of the country’s fast payments system, the Real-Time Rail. The companies will run the service on the existing […]

On The Wires

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Payments Canada Partners With TCS to Evolve Payments With RTR

April 5 2022

“Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has entered into a strategic partnership with Payments Canada, the country’s largest payment organization, to transform its payment system operations and help implement the Real-Time Rail (RTR), the new real-time payments system that will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365.”
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Systems

Nearly Half a Trillion Dollars Sent by Consumers and Businesses With Zelle® in 2021 | Zelle

February 2 2022

“Consumers and businesses sent 1.8 billion payments through the Zelle Network® during 2021, an increase of 49% from a year earlier, Early Warning Services, LLC, the network operator behind Zelle®, announced today. Those payments totaled $490 billion, up 59%…Businesses, including property managers, contractors, and health and beauty providers, relied on Zelle® for sending and receiving money throughout the year. In 2021, […]
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Systems

Jack Henry and Zelle® Make Faster Payments More Accessible to Minority Communities

November 2 2021

“Jack Henry & Associates, Inc. (NASDAQ: JKHY ), a leading provider of technology solutions and payment processing services primarily for the financial services industry, announced today that it is partnering with Early Warning Services, LLC, the network operator behind Zelle®, to make faster payments more readily available for minority-owned depository institutions (MDIs).”