By adding the crypto card to Google Pay, users can make payments for everyday transactions more quickly and securely, Alchemy Pay said in a Wednesday (Sept. 18) press release.

Alchemy Pay’s new card bank identification numbers (BINs) that enable this integration also help the crypto card support a broader range of payment scenarios — including those across commonly used platforms — and improve transaction success rates, according to the release.

“Whether you’re making online purchases or in-store payments, spending crypto is now easier than ever,” the company said in the release.

Alchemy Pay plans to integrate its crypto card with Apple Pay and Samsung Pay, with full compatibility with card networks like Visa, Mastercard, American Express, Diners Club, JCB and Discover, per the release.

“As Alchemy Pay continues to innovate, the team’s goal remains clear: to deliver seamless, secure and user-friendly crypto payment solutions that meet the evolving needs of the crypto global economies,” the company said in the release.

Tech-driven consumers — the 15% of consumers who are usually the first to buy the latest connected device — are often habitual cryptocurrency users, according to the PYMNTS Intelligence report “Shopping With Cryptocurrency: Tech-Driven Consumers Drive Market Acceptance.” Twenty-four percent of these consumers use cryptocurrency at least 10 to 20 times a month.

Meanwhile, Visa and Singapore-based digital payments solutions provider dtcpay partnered Wednesday to help consumers and businesses convert digital currencies into fiat and make digital payments. The collaboration will enable access to 130 million merchants in more than 200 countries and territories.

On Sept. 5, Mercuryo launched a euro-denominated debit card that integrates with Apple Pay and Google Pay and allows users to spend bitcoin and other cryptocurrencies directly at over 100 million merchants using Mastercard’s network.

With Mercuryo’s solution, users add funds to their debit cards by selling their cryptocurrency of choice. The funds are made available on the card balance immediately, rather than in the one to two days it typically takes money to appear on a bank card using traditional crypto off-ramping processes.

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The retailer began offering pay-by-bank with Walmart Pay earlier this year, Bloomberg reported Thursday (Sept. 19). But those transactions, processed through the Automated Clearing House, typically took three days to finalize.

Under the new system, customers who make pay-by-bank transactions will see the purchase show up in their bank account balance right away, with Walmart receiving the funds instantly, the report said.

Jamie Henry, vice president of emerging payments at Walmart, said this system can benefit customers with low balances, allowing them to avoid overdrafts or non-sufficient funds fees from their banks, according to the report.

“When the transaction processes as a real-time payment, customers get immediate access to see that payment come through, I see it hit my account and I can properly budget,” Henry said, per the report. “It’s not as if I’ve got this phantom payment out there that’s going to take place a couple days down the road.”

As consumers become frustrated with card fees and banks tap into real-time payment systems, methods like pay-by-bank have enjoyed more traction, the report said.

The new version will launch next year, with transactions happening over Fiserv’s NOW network, which is tied into The Clearing House’s RTP® network and the Federal Reserve’s FedNow® Service, per the report.

Large retailers have been reluctant to offer real-time payment options, as many banks were not connected to instant settlement systems, the report said.

However, the PYMNTS Intelligence report “How Real-Time Payments Drive the In-Store Customer Journey” found that while real-time payment adoption by U.S. merchants has been low, its popularity is growing among retailers.

“As an industry we believe we need to create this connectivity,” said Matt Wilcox, head of digital payments at Fiserv, per the Bloomberg report. “FedNow and RTP, they don’t necessarily talk to one another. The NOW Network can play that role in the industry of bringing all these networks together to enable applications like pay-by-bank.”

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In a Sept. 11 letter to central bank chairman Jerome Powell, a group of senators including Sen. Sherrod Brown, D-Ohio, chairman of the Senate Committee on Banking, Housing and Urban Affairs; Sen. Chris Van Hollen, D-Md.; Sen. Elizabeth Warren, D-Mass.; Sen. Tina Smith, D-Minn.; and Sen. John Fetterman, D-Pa.; said that the Fed should finalize a proposed rule that would expand the Federal Reserve’s settlement services’ operating hours to weekends and holidays – and eventually move toward a 24-hours-a-day, seven-days-a-week, 365-days-a-year continuum.

Why the Expansion is Necessary

The expansion of the Fedwire Funds Service and the National Settlement Service (NSS) would allow users of those settlement services to access their money at any moment, the senators said.

That expansion would move beyond the current proposal from the Fed, where Fedwire and NSS do not operate on weekends and holidays — but now would operate every day of the year.

The proposal maintains Fedwire’s existing operating hours of 9 p.m. to 7 p.m. ET, and NSS’s operations, which run from 9 p.m. to 6:30 p.m. ET.

“While this proposal represents a positive step, more must be done,” Brown noted in the letter. Typically, ACH transactions can take several days to clear and wind up in consumers’ and small business’ bank accounts.

“Expanding the operating hours of settlement services would lower costs for individuals that are vulnerable to overdraft and non-sufficient funds fees, and help small businesses maintain cash on hand to pay their workers, settle debts, and have a financial buffer in case of an emergency,” per the missive, as consumers pay mortgages, rent and credit card obligations.

Citing PYMNTS

To perhaps bolster the urgency, the senators cited PYMNTS research, noting our findings that two-thirds of Americans report living paycheck to paycheck — and the expanded settlement options would help them sidestep overdraft and non-sufficient funds fees, which cost them billions of dollars. Smaller businesses would also benefit from the improved cash flow visibility.

“It is critical that the implementation of expanded Fedwire services increases speed and efficiency while also protecting wire transfer customers from fraud. Accordingly, I encourage the Board to regularly assess potential operational risks posed by expanded settlement services and continue developing a risk-management framework that sets clear risk-management expectations for participating financial institutions,” Brown wrote.

As PYMNTS reported in August, the Fed’s annual report detailed that the 12 reserve banks’ operating expenses and imputed costs tied to Fedwire and the National Settlement Service (which also offers same-day finality for private sector transactions) totaled $154.5 million in 2023, per the annual report. Revenue from operations totaled $161.5 million, resulting in a net income of $9.1 million. The last number reverses a net loss seen in 2022 of $3.5 million amid ongoing tech investments.

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The offering is open to business and consumer banking customers, allowing them to receive secure, instant payments in their savings and checking accounts, the bank announced Tuesday (Sept. 10).

“In today’s fast-paced financial environment, customers need and appreciate the ability to receive money instantly without waiting for clearance or other transaction delays,” Matt Ribbens, the bank’s senior director of treasury management payment products, said in a news release.

“With the RTP network, if someone sends you money now, you get it now and you have immediate access to use those funds for any financial need,” Ribbens continued, adding that the bank was “actively working on adding the ability to send instant payments via the same RTP network as soon as next year.”

With the RTP network, the release said, First Citizens lets customers get paid in just seconds, much quicker than alternatives like ACH and wire transfers, with 24-hour availability and the ability to get electronic messages with details about the transaction.

As noted here earlier this week, instant payments “have captivated businesses and consumers with the promise of a more agile financial ecosystem,” though the transition from traditional payment methods to real-time systems RTP is experiencing hurdles.

The PYMNTS Intelligence report “Are Challenges Still Holding Back Instant Payments Adoption in the US?” examined the enduring use of older payment methods and the complicated requirements for adopting instant payment technology.

Businesses and consumers are in favor of instant payments, driven by a desire for faster, more efficient transactions. A study from the U.S. Bank found that more than 40% of companies with revenues that exceed $100 million are already using the RTP network.

In addition, 68% of businesses say they plan to adopt instant payments via RTP or the FedNow Service within the next two years.

“This enthusiasm spans various sectors, including 81% in consumer and retail, 75% in hospitality and leisure, and 70% in healthcare,” PYMNTS wrote. “These figures highlight a recognition of instant payments’ potential to enhance liquidity management and boost customer and vendor engagement.”

Even with this momentum, traditional payment methods are resilient, with checks still accounting for 15% of B2B payments for retailers and manufacturers and 21% for real estate transactions. This persistence suggests that while businesses recognize the benefits of instant payments, a total transition has yet to occur.

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Despite widespread enthusiasm, however, the transition from traditional payment methods to real-time systems like the Federal Reserve’s FedNow® Service and The Clearing House’s RTP® network is experiencing hurdles.

The PYMNTS Intelligence report “Are Challenges Still Holding Back Instant Payments Adoption in the US?” examined the enduring use of older payment methods and the complex requirements for adopting instant payment technology.

Embracing Instant Payments: Current Trends and Persistent Challenges

Businesses and consumers support instant payments, driven by a desire for faster, more efficient transactions. A study from U.S. Bank showed that more than 40% of companies with revenues exceeding $100 million are already using the RTP network.

Looking forward, 68% of businesses plan to adopt instant payments via RTP or FedNow within the next two years. This enthusiasm spans various sectors, including 81% in consumer and retail, 75% in hospitality and leisure, and 70% in healthcare. These figures highlight a recognition of instant payments’ potential to enhance liquidity management and boost customer and vendor engagement.

Despite this momentum, traditional payment methods remain prevalent. According to the report, checks still account for 15% of B2B payments for retailers and manufacturers and 21% for real estate transactions. This persistence indicates that while the benefits of instant payments are acknowledged, full transition is still underway.

Consumer preference for instant payments is also strong when given the choice. Seventy-two percent of consumers opt for instant payments when offered, with preference rising to 77% for income payouts. Sixty-two percent of those not offered instant payments would have chosen them if available, underscoring a demand for real-time solutions.

The Growing Impact of FedNow and RTP on Real-Time Payments

The rollout of FedNow alongside RTP is progressively integrating instant payments into the financial landscape, signaling a promising future for this payment method. More than 480 financial institutions participate in RTP, and more than 900 are involved with FedNow. FedNow’s introduction has accelerated the adoption of real-time payments by facilitating diverse use cases such as payroll, loan disbursements and insurance claims.

For instance, Plaid’s partnership with Cross River Bank demonstrates how FedNow can enhance financial services, including microdeposits, which reduce the time needed for account verification and minimize payment failures. Astra’s integration of FedNow highlights how instant payment rails can streamline various payment types and provide a unified payment experience. Instant payments could revolutionize the management of margin calls in securities trading. By enabling instantaneous notification and settlement of margin calls, FedNow could reduce the market risk associated with delays in traditional payment processes.

Overcoming Barriers in Adopting Instant Payments

The integration of instant payment rails presents challenges. Financial institutions face technological and operational hurdles with systems like FedNow, requiring upgrades to existing technology. The report showed that 34% of FinTechs cite a lack of anti-financial crime expertise as a barrier. Costs also complicate adoption, as 82% of smaller insurance firms are deterred by high upgrade costs, and 48% worry about fraud and data theft risks.

Addressing these barriers requires strategic approaches, including simplifying integration with clear technical guides, encouraging dual-pathway innovation, and developing modular, scalable solutions. These strategies can help financial institutions and FinTechs overcome obstacles and advance the instant payments landscape.

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A PYMNTS Intelligence report, “No-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction,” created in collaboration with The Clearing House, highlights how instant payroll solutions are becoming essential in addressing the growing demand for financial flexibility.

The Urgent Need for Real-Time Pay

Workers today are grappling with increased financial pressure, driving a new urgency for on-demand pay. According to the report, 83% of workers desire more frequent pay schedules, a significant shift from the traditional biweekly or semimonthly pay periods.

The push for instant payroll is driven by inflation and a 24% increase in average spending per person, which has strained many workers’ budgets. This financial burden often pushes workers toward high-interest payday loans, worsening their debt. Instant payroll addresses this by giving employees timely access to their earnings, helping them manage expenses and avoid costly loans.

Companies Embrace Instant Payroll Solutions

For younger workers, the need for real-time access to earnings is even more critical. About 70% of Americans report feeling stressed about their personal finances, with 75% of adults aged 18-34 expressing significant financial anxiety. Among Generation Z, 79% of hourly workers admit they frequently lack sufficient funds to cover their bills on time.

According to the report, workers are willing to pay for real-time payroll, but employers seeking to create a healthy working environment should offer this benefit for free. As demand for real-time payroll increases, many companies are adopting these solutions, but some workers are already using costly third-party services with annual interest rates up to 330%.

Companies like DailyPay, which recently raised $175 million and partners with major employers such as Hilton and Target, show that integrating earned wage access (EWA) platforms can improve hiring and retention. For employers, investing in in-house real-time payroll solutions offers a strategic advantage in boosting employee satisfaction and loyalty.

Retention and Satisfaction: The Benefits of No-Fee Payroll

Providing employees with instant access to their wages can significantly boost job satisfaction and retention. Consider that 78% of consumers express high satisfaction with instant payouts, although only 36% currently receive their disbursements this way. Fee-free instant payments have been shown to increase satisfaction by 11% and nearly double the likelihood of employee loyalty.

For businesses facing staffing challenges, the impact of offering no-fee instant payroll can be profound. Forty-six percent of small to medium-sized businesses (SMBs) struggle with staffing shortages, and 42% report difficulties with employee retention.

In such an environment, implementing real-time payroll can provide a competitive edge. Not only does it address the growing demand for financial flexibility, but it also improves employee morale and reduces turnover. As businesses navigate a tight labor market, the ability to offer instant, fee-free payroll could become a crucial factor in attracting and retaining talent.

As employee expectations evolve, the demand for instant payroll reflects broader changes in financial needs. Workers seek flexibility and immediate access to their earnings, compelling employers to adapt. Real-time payroll solutions help address these financial pressures, enhancing job satisfaction and retention.

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As real-time fund flows gain ground, the Fed’s 2023 missive detailed progress and positive returns on Fedwire, which previously was in the red, and gave a cumulative cost breakdown of the still nascent FedNow® Service, with an estimate of when that system will be, effectively, in the black.

The 222-page “Annual Report of the Board of Governors of the Federal Reserve System” issued last week covers the efforts of the 12 reserve banks that provide financial services, enable payments and support the efforts of the individual depository institutions that dot the banking landscape in the United States.

The Fed itself described the reserve banks as the “operating arm” of the central banking system. The reserve banks, collectively, take in revenue from various services and offerings, which can serve as a proxy for the demand the banks themselves (as reserve bank customers, so to speak) see from their end markets and customers for faster payments.

Fedwire in the Black

Fedwire operates as a real-time network for wholesale, high-value, time-critical transactions for banks, businesses and government agencies.

There’s likely to be increased uptake of Fedwire, given the continued rollout and mandates surrounding ISO 20022, the data-rich messaging standard taking root around the globe.

“We’ll start to see banks and FinTechs determine how to provide and make use of [enhanced] data so that it streamlines reconciliation and error handling for their customers,” Laura Sullivan, senior product manager at Form3, told PYMNTS in November.

The reserve banks’ operating expenses and imputed costs tied to Fedwire and the National Settlement Service (which also offers same-day finality for private sector transactions) totaled $154.5 million in 2023, per the annual report. Revenue from operations totaled $161.5 million, resulting in a net income of $9.1 million. The last number reverses a net loss seen in 2022 of $3.5 million amid ongoing tech investments.

From 2022 to 2023, the number of Fedwire funds transfers originated by depository institutions decreased 1.4%, to approximately 193 million, the report said. However, the average daily value of Fedwire funds transfers in 2023 was $4.3 trillion, up 2.5% year on year, indicating demand for the surety and transparency that Fedwire provides for large dollar flows.

In a nod as to where we might see increased demand for wire transfers, Galileo Financial Technologies Chief Product Officer David Feuer told PYMNTS this month that same-day, faster wire transfers are set to help transform a broad line of business and consumer use cases with real-time notifications. Galileo announced last month that it is offering wire transfer capabilities to FinTechs. Through its wire transfer API, Galileo connects FinTechs working with Community Federal Savings Bank to Fedwire.

“The assurance of a same-day secure transfer is crucial so that there’s not this risk window where, for instance, a supplier has shipped product, but the payment for that product is in jeopardy or can be recalled,” said Feuer. “We’re seeing a bevy of use cases across both consumer and commercial, and of course, both deposits and lending, where wires is proving to be this really sticky enabler of use cases for those segments.”

ACH remains a profit center. The Fed stated in its report that for commercial ACH transactions, the reserve banks spent $167.3 million in operating costs. Revenue from operations totaled $183.3 million, resulting in a net income of $17.1 million. The reserve banks processed 18.9 billion commercial ACH transactions in 2023, an increase of nearly 1.8% from 2022. The average daily value of FedACH transfers in 2023 was approximately $157.9 billion, up 2% annually.

FedNow a Work in Progress

The report also detailed that FedNow volumes have been “modest” although “in the long run, instant payments will be a routine part of everyday commerce.”

There’s a price tag. The Federal Reserve invested $545 million to implement the FedNow Service, according to the report.

“The number reflects all costs of implementation, including a new cloud-based design to support secure and resilient 24x7x365 processing, integration with existing Federal Reserve account management systems to enable ease of use for participants, and industry education and outreach to prepare stakeholders who decide to adopt instant payments,” the report said. “In time, the Federal Reserve will regularly publish transaction volume information.”

So, the new instant payment infrastructure will take time to reap the seeds sown — more than a decade perhaps. In the meantime, the central bank said in the report that it “expects the FedNow Service to achieve its first instance of long-run cost recovery outside the 10-year time frame typically applied to mature services.”

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This solution enables 60 financial institutions to receive and process instant payments as of Tuesday (Aug. 20), the Swiss National Bank said in a Wednesday (Aug. 21) press release.

The new instant payments service will be expanded to all financial institutions active in retail payment transactions by the end of 2026, according to the release.

The 60 financial institutions already handling instant payments cover more than 95% of Swiss retail payment transactions, the release said.

With this new solution, private individuals and companies can perform account-to-account (A2A) transactions that are executed and settled in seconds, at any time, including on public holidays, per the release.

“This offers significant advantages for individuals, companies and commercial banks,” the Swiss National Bank said in the release. “Thanks to shorter settlement chains, risks are reduced and funds received are available immediately. For companies and commercial banks, instant payments expand opportunities for automating processes and linking with other services.”

The Swiss National Bank added in the release that traditional transfers will still be possible, that the bank and SIX Interbank Clearing expect instant payments to become established in Switzerland in the medium term, and that they are committed to the future of cashless payments in the country.

SIX previewed the launch of the new instant payment service in a Jan. 16 press release, saying that the service supports the future viability of payment traffic in Switzerland and will provide solutions to both Swiss consumers and businesses.

“Benefits include the immediate availability of incoming funds, e.g. even during off-peak hours or weekends,” SIX said in its press release. “This creates more scope for process automation, simplifies liquidity management and reduces settlement risk.”

This new real-time payments scheme, named SIC5, complements Switzerland’s existing TWINT system, according to the September edition of “The Real-Time Payments World Map,” a PYMNTS Intelligence and The Clearing House collaboration.

The country saw 377 million real-time payments transactions in 2022, and that number is expected to rise to 1.4 billion by 2027, with a compound annual growth rate of 29%, per the report.

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“Money is moving swiftly toward a real-time future, and seeing customers use Modern Treasury to enable instant payments with some of the largest banks in the U.S. is a testament to the accelerating adoption of these exciting new payment rails,” Modern Treasury Co-founder and CTO Sam Aarons said in a news release Wednesday (Aug. 14).

“By making instant payments easier to access for our customers, we’re helping them deliver better customer experiences while enabling real-time insight into cash flow.”

The expansion applies to customers of Bank of America, Cross River, JPMorgan Chase, PNC Financial Services , U.S. Bank and Wells Fargo.

The release notes the importance of instant payments, powered by the Federal Reserve’s FedNow service and The Clearing House’s RTP network, in helping businesses move money faster and gain greater insights into that movement.

“Modern Treasury helps its customers access instant payment capabilities by expanding support for these rails with banks,” the release said.

The company adds that this offers a faster way to move funds via new payment rails than traditional ACH, wire, or check, while also supporting the ability to access the “Request for Payment” (RFP) capability at an increasing number of banks.

“As the adoption and coverage of RFP grows, customers can leverage it for faster, irrevocable, 24×7 pay-ins while also using it to address ACH’s insufficient funds risk,” the release added.

PYMNTS recently examined the rise of the FedNow service — which went live last July and now has more than 900 banks on board — in a conversation with Keith Olson, vice president of ACH and online banking at Nuvei.

He said that FedNow has some accomplishments to flaunt as it celebrates its first birthday, there is still no “killer use case” that will make instant payments ubiquitous.

There have been major differences in the approaches toward getting financial institutions (FIs) to embrace and campaign for real-time transactions, particularly debit transactions, Olson said.

For example, there has been a top-down push in Europe, with central banks directing FIs to sign up for various payments schemes.

As seen here in the United States, “even though it’s the Federal Reserve, because they did not mandate participation, they had to encourage participation,” Olson said.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.

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But as Ambrish Bansal, global head of Liquidity and Cash Concentration Products, for the Citi Treasury and Trade Solutions business, told PYMNTS’ Karen Webster, the role of the treasury department is changing at a rapid speed.

Now, the treasurers are tasked with navigating through choppy seas of interest rate volatility and geopolitical uncertainty. The cost of inefficient cash management escalates in such an environment, where every dollar counts, and transparency into where money is, where it’s headed and what’s coming into the coffers is determinative of whether companies thrive, or even survive.

Armed with the right data, which gets delivered, analyzed and acted upon across departments, treasurers can help explore the regulatory, tax and other nuances of worldwide developments in ways that help their firms meet their business objectives over time.

Squeezing the Juice

The advent of instant payments and the always-on connected economy, he said, can help extract the most value from financial interactions, to move cash flow forecasting from a simple “point in time” exercise to a fluid, real-time endeavor. 

In turn, he said, the same speed and surety of modern, instant payment systems can improve the customer payment experience of their own end users. A benchmark to how companies are evaluated, he said, can be found in what he termed the “customer friendliness” of those transactions.

But the demands of faster payments — and a shift in underlying infrastructure — means that businesses must adapt by integrating advanced payment processing systems and employing real-time cash flow monitoring systems in place to make those treasury functions more dynamic. 

“Many treasurers are thinking, ‘Well, how can I extract that last ounce of juice from my financial ecosystem?’” Bansal said.

To get there, he said, treasurers are eyeing the use of cloud-based technologies and APIs to ingest information and speed transactions so they can balance their exposure to various currencies, if they are operating internationally, and centralize their cash operations as efficiently as possible.

 Necessary Shifts

Embracing faster payments and fostering treasury’s role as strategic adviser, Bansal said, demand a multipronged “combination of technology readiness, process readiness — and a cultural readiness too.”  

That means making sure that treasury workstations and ERPs are upgraded to ingest data at the speed of what businesses want (technology), managing liquidity on a 24/7 basis (process) and understanding/adapting to the pace of change in an enterprise’s chosen competitive landscape (that’s the cultural aspect). 

If those aspects are managed well (and managed simultaneously), cash becomes more accessible, productivity improves and entire industries — particularly in B2B — evolve.

Security also is on the agenda, and banks have an important role to play in developing new protocols tied to their cloud-based systems.

Providers such as Citi, Bansal said, with APIs and treasury management solutions, are well positioned to act as a “global network bank” that helps clients adapt to the connected economy.

“We are creating a hyper-efficient network by bringing in technology, by bringing in innovation and building on top of an already solid foundation through our geographic presence,” he said.

With those partnerships in place, Bansal noted, Citigroup’s clients are “able to extract efficiencies and do more with less.”

We’re in an environment where treasurers can fund payments anywhere from a central pool of liquidity, minimizing risk along a given “last mile” of transactions — no matter if that payment is happening in Australia, Hong Kong, Singapore or Mexico with Citi’s network and cross-border, cross-currency pooling solutions.

Looking ahead, Bansal said, the mindset of treasurers is generally “positive” as they examine what the “treasury of the future” looks like with the potential to leverage Citi’s blockchain, cloud and API solutions.

“I see the role of treasury becoming more central to [the enterprise’s] business strategy, to the growth strategy, to the expansion strategy — and quite frankly, to the sustainability strategy. The treasury team plays a pivotal role,” he told Webster.

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