Payments News

On The Web

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Global

NPP is ‘attempting to address’ fraud risks: RBA

“The New Payments Platform launched in February, but participants and the platform itself continue to negotiate fraud risks, the Reserve Bank of Australia has revealed. Assistant financial system governor at the RBA Michele Bullock told an audience in Sydney on Tuesday that there’s a lot happening in the payments space as participants and platforms work […]
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Systems

Citi, SunTrust provide a road map to real-time payments

“If you build real-time payments in the U.S., will anyone notice? The complicated machinations that make payments happen behind the scenes seem like something the average American doesn’t know or think much about. But Louise Clynes, group vice president of money movement products and digital channel management at SunTrust Banks, one of the early adopters of […]
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Systems

Why banks have trouble selling real-time payments

“One challenge is simply the legacy infrastructure on which most financial services companies today are built. Companies that provide ERP systems like SAP or Oracle have built their systems in a batch processing world and need to also become real-time. “You’ve never needed real-time accounting, but now that you’re doing more in a digital world, […]
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Domains

SWIFT Calls for Participation From All for Future of Cross-border Payments | ZDNet

“Financial network SWIFT has described its vision for cross-border payments that aims to make them as seamless and convenient as domestic ones, with a white paper calling for a future that is instant, accessible, and ubiquitous. In its white paper Payments: Looking to the Future – Instant, Accessible, Ubiquitous (SWIFT – Engineering a payments revolution), SWIFT […]
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Security

PayThink column: An old law brings a fresh compliance challenge to faster payments

“Financial institutions providing same-day delivery of good funds via ACH transfers more than ever will need to be vigilant to ensure that their systems protect their customers, are commercially reasonable and, most important, follow strictly the protocols the financial institution has agreed to with its customer. A deficiency in any of the three will result […]
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Systems

Venmo Launches Instant Transfers to Bank Accounts

“The news of an expanded Instant Transfer service comes at a time when Venmo is seeing increased competition from rivals, including Square’s Cash App and the bank-operated Venmo challenger, Zelle. Thanks to its built-in customer base and integrations with U.S. banking apps, Zelle reported $44 billion sent on 171 million transactions in Q2 2019, making […]

On The Wires

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Reports

Immediate Payments Tops Industry’s Technology Wish List, TD Bank Survey Finds

“Technology continues to drive innovation in the commercial payments sector, according to a recent survey of finance and treasury professionals conducted by TD Bank, America’s Most Convenient Bank®. Real-time payments is leading change, as nearly half of respondents (42 percent) cited integration of these capabilities within online banking as the technological innovation that will have the […]