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Systems

New Real-Time Payment System Could Help You Avoid Late Fees

“A new “real-time payment” system that could help consumers avoid late payments and penalties was officially launched last month and will be rolled out by the banking industry over the next three years. Some banking customers will start to see a payment option pop up for what’s called “RTP” as they pay bills electronically from […]
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Systems

Sepa instant payments goes live

“The European Payments Council is introducing the Sepa Instant Credit Transfer (SCT Inst) scheme in response to concerns that the emergence of new domestic platforms, such as the UK’s Faster Payments, might end up creating a fragmented market in Europe, similar to what existed in regular payments in the past. Under the SCT Inst blueprint, people […]
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Systems

Real-time payments land in the US

“This system has a number of widespread use cases, including e-invoicing, bill pay, and consumer payments. The first banks to test the offering are BNY Mellon and US Bank, with Citi, JPMorgan Chase, and SunTrust expected to follow. RTP is expected to be used by the country’s largest banks by the end of next year, […]
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Systems

Australia’s New Payments Platform on track for February launch

“From next month, Australians will be able to transfer money from one person to another in near real-time, using an email address or phone number, rather than the traditional BSB or account number process. Financial institutions in Australia have already begun sending payments across the New Payments Platform (NPP), testing the technology before its public […]
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Systems

SEPA – are we there yet?

“However, the plucky little initiative has grabbed the headlines one again with the roll-out of the SEPA Credit Transfer Instant scheme (SCT Inst) in late November. The scheme, created by the European Payments Council (EPC), became operational at 585 payment services providers in eight European countries: Austria, Estonia, Germany, Italy, Latvia, Lithuania, the Netherlands and Spain. The scheme […]
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Systems

Sky takes a punt on real-time payments

“Sky Betting and Gaming has partnered with Barclays to offer customers a service that will immediately pay out money to their debit cards when withdrawing winnings. The ‘Fast Withdrawals’ payment system, developed in partnership with Vocalink, is an innovation in the betting sector, where gamblers currently have to wait up to five days to pocket […]
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