Payments News

On The Web

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Systems

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

“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 […]
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Systems

Mastercard Eases Access to Faster Payments With PayPort+

“Mastercard has launched a cloud-native, real-time payment gateway designed to ease access for institutions connecting to the UK’s Faster Payments network. The PayPort+ gateway has been developed by Form3 and is now live with two UK financial institutions, including Nationwide Building Society.PayPort was launched in 2016 to offer financial institutions, large and small, connectivity into […]
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Systems

The Next Step for Faster Payments: Interoperability

“Since the first discussions about faster payments unfolded in the U.S. more than seven years ago, a nagging question has been whether a system — or systems — could operate together under similar technology, security, operating rules and standards. The U.S. Faster Payments Council says the interoperability question has become the most important topic within […]
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Systems

US Faster Payments Council Publishes Interoperability Report

“The U.S. Faster Payments Council (FPC), in partnership with Glenbrook Partners, today released the research report, Why Interoperability is Important to Faster Payments. The report is the latest part of a three-year, multifaceted industry study consisting of quantitative and qualitative research, launched by the FPC and Glenbrook in 2019.Published the last two years, the Faster […]
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Systems

Fed Proposes Rules for Funds Transfers on Faster Payments Platform

“The Federal Reserve Board proposed a new set of rules Tuesday dealing with how funds transfers will be carried out over the central bank’s real-time payments service that is expected to become available in 2023. The Fed said the measure governing transfers on the new FedNow service would have similarities with the existing framework for […]
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Systems

European Central Bank Castigates Banks Over Instant Payment Fees

“The European Central Bank has warned that the charges levied by banks for instant payments are proving a barrier to uptake and “must change”. Speaking at a payments forum hosted by Finland’s central bank, ECB board member Fabio Panetta notes that on the operational side, the Eurosystem has taken steps to ensure the pan-European reach […]

On The Wires

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Systems

Mass Adoption of Zelle®–Signed Financial Institutions Represent Over 500 Million DDA Accounts

“Early Warning Services, LLC, the network operator behind Zelle®, announced its Q2 2021 transaction results, which include signed FIs representing more than 500 million DDA accounts. In Q2 2021, the Zelle Network® processed $120 billion on 436 million transactions. Year-over-year sent payment values increased by 68%, while payment transactions increased by 58%.”
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Systems

U.S. Faster Payments Council Publishes Interoperability Research Report

“The U.S. Faster Payments Council (FPC), in partnership with Glenbrook Partners , today released the research report, Why Interoperability is Important to Faster Payments. The report is the latest part of a three-year, multifaceted industry study consisting of quantitative and qualitative research, launched by the FPC and Glenbrook in 2019.Published the last two years, the Faster Payments Barometer […]