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Systems

Risk, fintechs and regs spark real-time payment reforms in U.K.

“The rise of digital payments, new non-bank competition, fraud challenges, a need for improved resilience and the changed regulatory environment are spurring two major updates to the U.K.’s faster payments system. The Bank of England is upgrading the U.K.’s Real-Time Gross Settlement (RTGS) system. Separately, the U.K. payments authority, Pay.UK, is developing a New Payments Architecture that […]
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Systems

Google And Amazon Favor Fed Role In Real Time Payments

“When the Federal Reserve issued a request for comment about whether it should provide a real-time payment systems (RTGS) to offer an alternative to the TCH real-time payments system (RTP), several tech firms were ready, just as some banks had feared. Banks, bank associations and state regulators in their comments had often suggested that access to […]
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Systems

UPI Is Paying Off, Setting the Pace for Other Nations

“Based on its experience with the Unified Payments Interface (UPI) in India, Google has offered the US Federal Reserve Board suggestions for developing FedNow, an interbank real-time gross settlement service for digital payments. Mint analyses the salient features of UPI.”