Payments News
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Risk

Britain’s Digital Payments Have Gotten Too Fast

“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 .”
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Systems

Cash May Not Be King, but It’s Still Royalty

“Yet digital’s gain isn’t necessarily coming at the expense of cash. The overall pie still appears to be growing. Only two countries, Russia and Sweden, had a net substitution of cards for cash from 2007 to 2016, with cash in circulation shrinking as card payments grew, according to the Bank for International Settlements. In other […]

On The Web

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Reports

U.S. FASTER PAYMENTS BAROMETER — SURVEY RESULTS

“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

Why the Fed Is Taking an Incremental Approach to Faster Payments

“The Federal Reserve faces a dilemma in constructing a real-time payments system. On one hand, the market seemed to demand faster payments solutions yesterday. On the other, the Fed’s undertaking is complex, so making it work will take time. To address both realities, the leader of the central bank’s project says the Fed has adopted […]
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Systems

Brazil to Launch National Instant Payments System

“Brazil’s central bank will turn on a national instant payments network in November that will allow consumers to make payments and transfers “in a few seconds, 24 hours a day, seven days a week, including between accounts of different institutions” using QR codes, NFC, their mobile phone number, email address or taxpayer ID.”
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On The Wires

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Systems

BMO Harris Bank Offers Zelle® to Commercial Banking Customers

“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, […]