On The Web

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Global

EU Commission to Legislate for Full EU-wide Coverage of Instant Payments

February 10 2022

• in
• Instant payments

“The European Commission is set to introduce legislation covering a digital euro and full EU-wide coverage of instant payments through Sepa Instant early next year. The bill will serve as the legal foundation for the European Central Bank’s ongoing technical work on the creation of a central bank digital currency. On instant payments, the proposed […]

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Global

Brazil’s Central Bank Built a Mobile Payment System With 110 Million Users

October 6 2021

• in
• Brazil
• Instant payments

“Pix, a system which allows fast money transfers over smartphones, has become ubiquitous in the 11 months since it was launched by Brazil’s central bank. All that’s needed to send cash to someone is a simple key they’ve set up, such as an email address or phone number. Similar to the privately owned Zelle in […]

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Systems

Federal Reserve Receives Few Comments On Proposed Rules For FedNow

August 31 2021

• in
• Faster payments
• Instant payments

“What’s the definition of immediate, the Board of the Federal Reserve has asked in connection with FedNow, the new real-time payments network set to launch in 2023. Only a few domestic banks and payments organizations responded to the request for comment , so the Fed has extended its deadline until Sept. 9. The U.S. Faster […]

On The Wires

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Systems

Citi’s Instant Payments Now Available in 28 Markets and All Global Regions

November 8 2021

• in
• Instant payments

“Citi’s Treasury and Trade Solutions (TTS) launches domestic instant payments in Brazil bringing its global footprint to 28 markets in multiple geographic regions. Usage of Citi’s instant payments platform has grown at an unprecedented rate, of over 100% growth in the last 12 months. With Instant payments, also known as real-time or immediate payments, funds […]

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Systems

ICBA Bancard and Finzly Partner to Offer Instant Payments

July 12 2021

• in
• Instant payments

“Finzly , a fintech provider of modern banking applications for payments, foreign exchange, trade finance and digital account opening, today announced a new partnership with ICBA Bancard, the payments services subsidiary of The Independent Community Bankers of America (ICBA), to facilitate instant payments via Finzly’s Payment Galaxy, a payment hub for improved convenience, cash flow […]