![\"Businesses](\"https://www.pymnts.com/wp-content/uploads/2024/09/Businesses-to-add-instant-payments.jpg\")
Fiat-cryptocurrency payment gateway Alchemy Pay\u2019s Virtual Card now supports Google Pay, enabling users to pair the card with that digital payment platform.
\nBy 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.
\nAlchemy Pay\u2019s new card bank identification numbers (BINs) that enable this integration also help the crypto card support a broader range of payment scenarios \u2014 including those across commonly used platforms \u2014 and improve transaction success rates, according to the release.
\n\u201cWhether you\u2019re making online purchases or in-store payments, spending crypto is now easier than ever,\u201d the company said in the release.
\nAlchemy 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.
\n\u201cAs Alchemy Pay continues to innovate, the team\u2019s goal remains clear: to deliver seamless, secure and user-friendly crypto payment solutions that meet the evolving needs of the crypto global economies,\u201d the company said in the release.
\nTech-driven consumers \u2014 the 15% of consumers who are usually the first to buy the latest connected device \u2014 are often habitual cryptocurrency users, according to the PYMNTS Intelligence report \u201cShopping With Cryptocurrency: Tech-Driven Consumers Drive Market Acceptance.\u201d Twenty-four percent of these consumers use cryptocurrency at least 10 to 20 times a month.
\nMeanwhile, 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.
\nOn 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\u2019s network.
\nWith Mercuryo\u2019s 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.
\nFor all PYMNTS digital transformation coverage, subscribe to the daily Digital Transformation Newsletter.
\nThe post Alchemy Pay Integrates Crypto Card With Google Pay for Faster, More Secure Payments appeared first on PYMNTS.com.
\n", "content_text": "Fiat-cryptocurrency payment gateway Alchemy Pay\u2019s Virtual Card now supports Google Pay, enabling users to pair the card with that digital payment platform.\nBy 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.\nAlchemy Pay\u2019s new card bank identification numbers (BINs) that enable this integration also help the crypto card support a broader range of payment scenarios \u2014 including those across commonly used platforms \u2014 and improve transaction success rates, according to the release.\n\u201cWhether you\u2019re making online purchases or in-store payments, spending crypto is now easier than ever,\u201d the company said in the release.\nAlchemy 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.\n\u201cAs Alchemy Pay continues to innovate, the team\u2019s goal remains clear: to deliver seamless, secure and user-friendly crypto payment solutions that meet the evolving needs of the crypto global economies,\u201d the company said in the release.\nTech-driven consumers \u2014 the 15% of consumers who are usually the first to buy the latest connected device \u2014 are often habitual cryptocurrency users, according to the PYMNTS Intelligence report \u201cShopping With Cryptocurrency: Tech-Driven Consumers Drive Market Acceptance.\u201d Twenty-four percent of these consumers use cryptocurrency at least 10 to 20 times a month.\nMeanwhile, 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.\nOn 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\u2019s network.\nWith Mercuryo\u2019s 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.\nFor all PYMNTS digital transformation coverage, subscribe to the daily Digital Transformation Newsletter.\nThe post Alchemy Pay Integrates Crypto Card With Google Pay for Faster, More Secure Payments appeared first on PYMNTS.com.", "date_published": "2024-09-23T15:47:01-04:00", "date_modified": "2024-09-23T15:49:06-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Alchemy-Pay.jpg", "tags": [ "Alchemy Pay", "Bitcoin", "Blockchain", "Cryptocurrency", "Digital Payments", "digital transformation", "Google Pay", "News", "PYMNTS News", "virtual cards", "What's Hot", "Faster Payments" ] }, { "id": "https://www.pymnts.com/?p=2102282", "url": "https://www.pymnts.com/news/faster-payments/2024/walmart-teams-with-fiserv-instant-bank-payments/", "title": "Walmart Teams With Fiserv on Instant Bank Payments", "content_html": "Walmart is reportedly enhancing its pay-by-bank offering via a partnership with Fiserv.
\nThe 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.
\nUnder 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.
\nJamie 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.
\n\u201cWhen 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,\u201d Henry said, per the report. \u201cIt\u2019s not as if I\u2019ve got this phantom payment out there that\u2019s going to take place a couple days down the road.\u201d
\nAs 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.
\nThe new version will launch next year, with transactions happening over Fiserv\u2019s NOW network, which is tied into The Clearing House\u2019s RTP\u00ae network and the Federal Reserve\u2019s FedNow\u00ae Service, per the report.
\nLarge retailers have been reluctant to offer real-time payment options, as many banks were not connected to instant settlement systems, the report said.
\nHowever, the PYMNTS Intelligence report \u201cHow Real-Time Payments Drive the In-Store Customer Journey\u201d found that while real-time payment adoption by U.S. merchants has been low, its popularity is growing among retailers.
\n\u201cAs an industry we believe we need to create this connectivity,\u201d said Matt Wilcox, head of digital payments at Fiserv, per the Bloomberg report. \u201cFedNow and RTP, they don\u2019t 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.\u201d
\nThe post Walmart Teams With Fiserv on Instant Bank Payments appeared first on PYMNTS.com.
\n", "content_text": "Walmart is reportedly enhancing its pay-by-bank offering via a partnership with Fiserv.\nThe 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.\nUnder 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.\nJamie 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.\n\u201cWhen 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,\u201d Henry said, per the report. \u201cIt\u2019s not as if I\u2019ve got this phantom payment out there that\u2019s going to take place a couple days down the road.\u201d\nAs 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.\nThe new version will launch next year, with transactions happening over Fiserv\u2019s NOW network, which is tied into The Clearing House\u2019s RTP\u00ae network and the Federal Reserve\u2019s FedNow\u00ae Service, per the report.\nLarge retailers have been reluctant to offer real-time payment options, as many banks were not connected to instant settlement systems, the report said.\nHowever, the PYMNTS Intelligence report \u201cHow Real-Time Payments Drive the In-Store Customer Journey\u201d found that while real-time payment adoption by U.S. merchants has been low, its popularity is growing among retailers.\n\u201cAs an industry we believe we need to create this connectivity,\u201d said Matt Wilcox, head of digital payments at Fiserv, per the Bloomberg report. \u201cFedNow and RTP, they don\u2019t 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.\u201d\nThe post Walmart Teams With Fiserv on Instant Bank Payments appeared first on PYMNTS.com.", "date_published": "2024-09-19T12:17:56-04:00", "date_modified": "2024-09-19T22:50:14-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/07/Walmart.jpg", "tags": [ "Faster Payments", "FedNow", "Fiserv", "instant payments", "News", "partnerships", "Pay By Bank", "PYMNTS News", "real time payments", "RTP Network", "walmart", "Walmart Pay", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2097855", "url": "https://www.pymnts.com/news/faster-payments/2024/senators-urge-fed-to-make-fedwire-national-settlement-service-available-on-demand/", "title": "Trending: Senators Urge Fed to Expand Fedwire and National Settlement Service", "content_html": "If business and commerce are always on in the digital age \u2014 existing as 24/7, year-round endeavors \u2014 so must the settlement systems that enable a broad range of transactions.
\nIn 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\u2019s settlement services\u2019 operating hours to weekends and holidays \u2013 and eventually move toward a 24-hours-a-day, seven-days-a-week, 365-days-a-year continuum.
\nThe 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.
\nThat expansion would move beyond the current proposal from the Fed, where Fedwire and NSS do not operate on weekends and holidays \u2014 but now would operate every day of the year.
\nThe proposal maintains Fedwire\u2019s existing operating hours of 9 p.m. to 7 p.m. ET, and NSS\u2019s operations, which run from 9 p.m. to 6:30 p.m. ET.
\n\u201cWhile this proposal represents a positive step, more must be done,\u201d Brown noted in the letter. Typically, ACH transactions can take several days to clear and wind up in consumers\u2019 and small business\u2019 bank accounts.
\n\u201cExpanding 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,\u201d per the missive, as consumers pay mortgages, rent and credit card obligations.
\nTo perhaps bolster the urgency, the senators cited PYMNTS research, noting our findings that two-thirds of Americans report living paycheck to paycheck \u2014 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.
\n\u201cIt 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,\u201d Brown wrote.
\nAs PYMNTS reported in August, the Fed\u2019s annual report detailed that the 12 reserve banks\u2019 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.
\nThe post Trending: Senators Urge Fed to Expand Fedwire and National Settlement Service appeared first on PYMNTS.com.
\n", "content_text": "If business and commerce are always on in the digital age \u2014 existing as 24/7, year-round endeavors \u2014 so must the settlement systems that enable a broad range of transactions.\nIn 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\u2019s settlement services\u2019 operating hours to weekends and holidays \u2013 and eventually move toward a 24-hours-a-day, seven-days-a-week, 365-days-a-year continuum.\nWhy the Expansion is Necessary \nThe 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.\nThat expansion would move beyond the current proposal from the Fed, where Fedwire and NSS do not operate on weekends and holidays \u2014 but now would operate every day of the year.\nThe proposal maintains Fedwire\u2019s existing operating hours of 9 p.m. to 7 p.m. ET, and NSS\u2019s operations, which run from 9 p.m. to 6:30 p.m. ET.\n\u201cWhile this proposal represents a positive step, more must be done,\u201d Brown noted in the letter. Typically, ACH transactions can take several days to clear and wind up in consumers\u2019 and small business\u2019 bank accounts.\n\u201cExpanding 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,\u201d per the missive, as consumers pay mortgages, rent and credit card obligations.\nCiting PYMNTS\nTo perhaps bolster the urgency, the senators cited PYMNTS research, noting our findings that two-thirds of Americans report living paycheck to paycheck \u2014 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.\n\u201cIt 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,\u201d Brown wrote.\nAs PYMNTS reported in August, the Fed\u2019s annual report detailed that the 12 reserve banks\u2019 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.\nThe post Trending: Senators Urge Fed to Expand Fedwire and National Settlement Service appeared first on PYMNTS.com.", "date_published": "2024-09-11T18:43:31-04:00", "date_modified": "2024-09-11T22:07:06-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/08/Federal-Reserve.jpg", "tags": [ "Chris Van Hollen", "elizabeth warren", "Faster Payments", "federal reserve", "Fedwire Funds Service", "instant payments", "Jerome Powell", "John Fetterman", "National Settlement Service", "News", "PYMNTS News", "real time payments", "Sherrod Brown", "Tina Smith" ] }, { "id": "https://www.pymnts.com/?p=2096983", "url": "https://www.pymnts.com/news/faster-payments/2024/first-citizens-offers-instant-payments-via-rtp-network/", "title": "First Citizens Offers Instant Payments via RTP Network", "content_html": "First Citizens Bank\u00a0now lets customers receive instant payments via the RTP network.
\nThe offering is open to business and consumer banking customers, allowing them to receive secure, instant payments in their savings and checking accounts, the bank\u00a0announced Tuesday (Sept. 10).
\n\u201cIn today\u2019s fast-paced financial environment, customers need and appreciate the ability to receive money instantly without waiting for clearance or other transaction delays,\u201d Matt Ribbens, the bank\u2019s senior director of treasury management payment products, said in a news release.
\n\u201cWith 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,\u201d Ribbens continued, adding that the bank was \u201cactively working on adding the ability to send instant payments via the same RTP network as soon as next year.\u201d
\nWith 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.
\nAs noted here earlier this week, instant payments \u201chave captivated businesses and consumers with the promise of a more agile financial ecosystem,\u201d though the transition from traditional payment methods to real-time systems RTP\u00a0is experiencing hurdles.
\nThe PYMNTS Intelligence report\u00a0\u201cAre Challenges Still Holding Back Instant Payments Adoption in the US?\u201d examined the enduring use of older payment methods and the complicated requirements for adopting instant payment technology.
\nBusinesses 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.
\nIn addition, 68% of businesses say they plan to adopt instant payments via RTP or the\u00a0FedNow\u00a0Service within the next two years.
\n\u201cThis enthusiasm spans various sectors, including 81% in consumer and retail, 75% in hospitality and leisure, and 70% in healthcare,\u201d PYMNTS wrote. \u201cThese figures highlight a recognition of instant payments\u2019 potential to enhance liquidity management and boost customer and vendor engagement.\u201d
\nEven with this momentum,\u00a0traditional payment methods\u00a0are resilient, with\u00a0checks\u00a0still 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.
\nThe post First Citizens Offers Instant Payments via RTP Network appeared first on PYMNTS.com.
\n", "content_text": "First Citizens Bank\u00a0now lets customers receive instant payments via the RTP network.\nThe offering is open to business and consumer banking customers, allowing them to receive secure, instant payments in their savings and checking accounts, the bank\u00a0announced Tuesday (Sept. 10).\n\u201cIn today\u2019s fast-paced financial environment, customers need and appreciate the ability to receive money instantly without waiting for clearance or other transaction delays,\u201d Matt Ribbens, the bank\u2019s senior director of treasury management payment products, said in a news release.\n\u201cWith 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,\u201d Ribbens continued, adding that the bank was \u201cactively working on adding the ability to send instant payments via the same RTP network as soon as next year.\u201d\nWith 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.\nAs noted here earlier this week, instant payments \u201chave captivated businesses and consumers with the promise of a more agile financial ecosystem,\u201d though the transition from traditional payment methods to real-time systems RTP\u00a0is experiencing hurdles.\nThe PYMNTS Intelligence report\u00a0\u201cAre Challenges Still Holding Back Instant Payments Adoption in the US?\u201d examined the enduring use of older payment methods and the complicated requirements for adopting instant payment technology.\nBusinesses 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.\nIn addition, 68% of businesses say they plan to adopt instant payments via RTP or the\u00a0FedNow\u00a0Service within the next two years.\n\u201cThis enthusiasm spans various sectors, including 81% in consumer and retail, 75% in hospitality and leisure, and 70% in healthcare,\u201d PYMNTS wrote. \u201cThese figures highlight a recognition of instant payments\u2019 potential to enhance liquidity management and boost customer and vendor engagement.\u201d\nEven with this momentum,\u00a0traditional payment methods\u00a0are resilient, with\u00a0checks\u00a0still 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.\nThe post First Citizens Offers Instant Payments via RTP Network appeared first on PYMNTS.com.", "date_published": "2024-09-10T15:21:56-04:00", "date_modified": "2024-09-10T16:10:07-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/first-Citizens-Bank-new-logo.jpg", "tags": [ "banking", "Banks", "FedNow", "First Citizens Bank", "instant payments", "News", "PYMNTS News", "real time payments", "RTP Network", "What's Hot", "Faster Payments" ] }, { "id": "https://www.pymnts.com/?p=2095410", "url": "https://www.pymnts.com/news/faster-payments/2024/68percent-businesses-plan-add-instant-payments-within-2-years/", "title": "68% of Businesses Plan to Add Instant Payments Within 2 Years", "content_html": "Instant payments have captivated businesses and consumers with the promise of a more agile financial ecosystem.
\nDespite widespread enthusiasm, however, the transition from traditional payment methods to real-time systems like the Federal Reserve\u2019s FedNow\u00ae Service and The Clearing House\u2019s RTP\u00ae network is experiencing hurdles.
\nThe PYMNTS Intelligence report \u201cAre Challenges Still Holding Back Instant Payments Adoption in the US?\u201d examined the enduring use of older payment methods and the complex requirements for adopting instant payment technology.
\nBusinesses 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.
\n
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\u2019 potential to enhance liquidity management and boost customer and vendor engagement.
\nDespite 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.
\nConsumer 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.
\nThe 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\u2019s introduction has accelerated the adoption of real-time payments by facilitating diverse use cases such as payroll, loan disbursements and insurance claims.
\nFor instance, Plaid\u2019s 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\u2019s 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.
\nThe 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.
\nAddressing 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.
\nThe post 68% of Businesses Plan to Add Instant Payments Within 2 Years appeared first on PYMNTS.com.
\n", "content_text": "Instant payments have captivated businesses and consumers with the promise of a more agile financial ecosystem.\nDespite widespread enthusiasm, however, the transition from traditional payment methods to real-time systems like the Federal Reserve\u2019s FedNow\u00ae Service and The Clearing House\u2019s RTP\u00ae network is experiencing hurdles.\nThe PYMNTS Intelligence report \u201cAre Challenges Still Holding Back Instant Payments Adoption in the US?\u201d examined the enduring use of older payment methods and the complex requirements for adopting instant payment technology.\nEmbracing Instant Payments: Current Trends and Persistent Challenges\nBusinesses 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.\n\nLooking 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\u2019 potential to enhance liquidity management and boost customer and vendor engagement.\nDespite 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.\nConsumer 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.\nThe Growing Impact of FedNow and RTP on Real-Time Payments\nThe 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\u2019s introduction has accelerated the adoption of real-time payments by facilitating diverse use cases such as payroll, loan disbursements and insurance claims.\nFor instance, Plaid\u2019s 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\u2019s 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.\nOvercoming Barriers in Adopting Instant Payments\nThe 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.\nAddressing 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.\nThe post 68% of Businesses Plan to Add Instant Payments Within 2 Years appeared first on PYMNTS.com.", "date_published": "2024-09-09T04:00:19-04:00", "date_modified": "2024-09-06T15:52:35-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/FedNow-instant-payments.jpg", "tags": [ "Are Challenges Still Holding Back Instant Payments Adoption in the US?", "banking", "Banks", "Faster Payments", "Featured News", "FedNow", "instant payments", "instant payouts", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "real time payments", "RTP" ] }, { "id": "https://www.pymnts.com/?p=2094840", "url": "https://www.pymnts.com/news/faster-payments/2024/70percent-us-consumers-stressed-personal-finances/", "title": "70% of US Consumers Feel Stressed About Personal Finances", "content_html": "In today\u2019s competitive job market, traditional benefits like retirement plans and paid time off are falling short as workers demand immediate access to their earnings. Rising financial pressures and living costs are driving this shift, pushing employers to adapt or risk losing top talent.
\nA PYMNTS Intelligence report, \u201cNo-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction,\u201d created in collaboration with The Clearing House,\u00a0highlights how instant payroll solutions are becoming essential in addressing the growing demand for financial flexibility.
\nWorkers 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.
\nThe push for instant payroll is driven by inflation and a 24% increase in average spending per person, which has strained many workers\u2019 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.
\n![\"instant](\"https://www.pymnts.com/wp-content/uploads/2024/09/Instant-wage-access.png\")
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.
\nAccording to the report, workers are willing to pay for\u00a0real-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%.
\nCompanies 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.
\nProviding 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.
\nFor 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.
\nIn 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.
\nAs 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.
\nThe post 70% of US Consumers Feel Stressed About Personal Finances appeared first on PYMNTS.com.
\n", "content_text": "In today\u2019s competitive job market, traditional benefits like retirement plans and paid time off are falling short as workers demand immediate access to their earnings. Rising financial pressures and living costs are driving this shift, pushing employers to adapt or risk losing top talent.\nA PYMNTS Intelligence report, \u201cNo-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction,\u201d created in collaboration with The Clearing House,\u00a0highlights how instant payroll solutions are becoming essential in addressing the growing demand for financial flexibility.\nThe Urgent Need for Real-Time Pay\nWorkers 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.\nThe push for instant payroll is driven by inflation and a 24% increase in average spending per person, which has strained many workers\u2019 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.\nCompanies Embrace Instant Payroll Solutions\n\nFor 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.\nAccording to the report, workers are willing to pay for\u00a0real-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%.\nCompanies 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.\nRetention and Satisfaction: The Benefits of No-Fee Payroll\nProviding 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.\nFor 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.\nIn 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.\nAs 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.\nThe post 70% of US Consumers Feel Stressed About Personal Finances appeared first on PYMNTS.com.", "date_published": "2024-09-06T04:00:20-04:00", "date_modified": "2024-09-05T18:32:52-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/personal-finances-earned-wage-access-instant-payments.jpg", "tags": [ "earned wage access", "Faster Payments", "Featured News", "Income", "instant payments", "News", "payments", "PYMNTS Intelligence", "PYMNTS News", "real time payments", "salary" ] }, { "id": "https://www.pymnts.com/?p=2056232", "url": "https://www.pymnts.com/news/faster-payments/2024/faster-payments-boost-federal-reserve-bottom-line/", "title": "Report Finds That Faster Payments Boost Federal Reserve Banks\u2019 Bottom Line", "content_html": "The Federal Reserve\u2019s latest report to Congress offered a snapshot of money spent \u2014 and returns on investment \u2014 on all manner of payment systems.
\nAs real-time fund flows gain ground, the Fed\u2019s 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\u00ae Service, with an estimate of when that system will be, effectively, in the black.
\nThe 222-page \u201cAnnual Report of the Board of Governors of the Federal Reserve System\u201d 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.
\nThe Fed itself described the reserve banks as the \u201coperating arm\u201d 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.
\nFedwire operates as a real-time network for wholesale, high-value, time-critical transactions for banks, businesses and government agencies.
\nThere\u2019s 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.
\n\u201cWe\u2019ll 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,\u201d Laura Sullivan, senior product manager at Form3, told PYMNTS in November.
\nThe reserve banks\u2019 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.
\nFrom 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.
\nIn 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.
\n\u201cThe assurance of a same-day secure transfer is crucial so that there\u2019s 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,\u201d said Feuer. \u201cWe\u2019re 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.\u201d
\nACH 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.
\nThe report also detailed that FedNow volumes have been \u201cmodest\u201d although \u201cin the long run, instant payments will be a routine part of everyday commerce.\u201d
\nThere\u2019s a price tag. The Federal Reserve invested $545 million to implement the FedNow Service, according to the report.
\n\u201cThe 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,\u201d the report said. \u201cIn time, the Federal Reserve will regularly publish transaction volume information.\u201d
\nSo, the new instant payment infrastructure will take time to reap the seeds sown \u2014 more than a decade perhaps. In the meantime, the central bank said in the report that it \u201cexpects the FedNow Service to achieve its first instance of long-run cost recovery outside the 10-year time frame typically applied to mature services.\u201d
\nThe post Report Finds That Faster Payments Boost Federal Reserve Banks’ Bottom Line appeared first on PYMNTS.com.
\n", "content_text": "The Federal Reserve\u2019s latest report to Congress offered a snapshot of money spent \u2014 and returns on investment \u2014 on all manner of payment systems.\nAs real-time fund flows gain ground, the Fed\u2019s 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\u00ae Service, with an estimate of when that system will be, effectively, in the black.\nThe 222-page \u201cAnnual Report of the Board of Governors of the Federal Reserve System\u201d 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.\nThe Fed itself described the reserve banks as the \u201coperating arm\u201d 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.\nFedwire in the Black\nFedwire operates as a real-time network for wholesale, high-value, time-critical transactions for banks, businesses and government agencies.\nThere\u2019s 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.\n\u201cWe\u2019ll 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,\u201d Laura Sullivan, senior product manager at Form3, told PYMNTS in November.\nThe reserve banks\u2019 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.\nFrom 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.\nIn 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.\n\u201cThe assurance of a same-day secure transfer is crucial so that there\u2019s 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,\u201d said Feuer. \u201cWe\u2019re 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.\u201d\nACH 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.\nFedNow a Work in Progress\nThe report also detailed that FedNow volumes have been \u201cmodest\u201d although \u201cin the long run, instant payments will be a routine part of everyday commerce.\u201d\nThere\u2019s a price tag. The Federal Reserve invested $545 million to implement the FedNow Service, according to the report.\n\u201cThe 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,\u201d the report said. \u201cIn time, the Federal Reserve will regularly publish transaction volume information.\u201d\nSo, the new instant payment infrastructure will take time to reap the seeds sown \u2014 more than a decade perhaps. In the meantime, the central bank said in the report that it \u201cexpects the FedNow Service to achieve its first instance of long-run cost recovery outside the 10-year time frame typically applied to mature services.\u201d\nThe post Report Finds That Faster Payments Boost Federal Reserve Banks’ Bottom Line appeared first on PYMNTS.com.", "date_published": "2024-08-21T11:53:23-04:00", "date_modified": "2024-08-21T20:45:10-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/05/federal-reserve.jpg", "tags": [ "ACH", "Congress", "Faster Payments", "Featured News", "federal reserve", "FedNow", "FedWire", "Government", "instant payments", "News", "PYMNTS News", "real time payments", "Revenue" ] }, { "id": "https://www.pymnts.com/?p=2056203", "url": "https://www.pymnts.com/news/faster-payments/2024/swiss-national-bank-and-six-launch-new-instant-payments-solution/", "title": "Swiss National Bank and SIX Launch New Instant Payments Solution", "content_html": "The\u00a0Swiss National Bank and\u00a0SIX Interbank Clearing have launched a new instant payments solution in Switzerland.
\nThis 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)\u00a0press release.
\nThe 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.
\nThe 60 financial institutions already handling instant payments cover more than 95% of Swiss retail payment transactions, the release said.
\nWith 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.
\n\u201cThis offers significant advantages for individuals, companies and commercial banks,\u201d the Swiss National Bank said in the release. \u201cThanks 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.\u201d
\nThe 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.
\nSIX previewed the launch of the new\u00a0instant 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.
\n\u201cBenefits include the immediate availability of incoming funds, e.g. even during off-peak hours or weekends,\u201d SIX said in its press release. \u201cThis creates more scope for process automation, simplifies liquidity management and reduces settlement risk.\u201d
\nThis new real-time payments scheme, named SIC5, complements Switzerland\u2019s existing\u00a0TWINT system, according to the September edition of \u201cThe Real-Time Payments World Map,\u201d a PYMNTS Intelligence and\u00a0The Clearing House\u00a0collaboration.
\nThe 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.
\nThe post Swiss National Bank and SIX Launch New Instant Payments Solution appeared first on PYMNTS.com.
\n", "content_text": "The\u00a0Swiss National Bank and\u00a0SIX Interbank Clearing have launched a new instant payments solution in Switzerland.\nThis 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)\u00a0press release.\nThe 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.\nThe 60 financial institutions already handling instant payments cover more than 95% of Swiss retail payment transactions, the release said.\nWith 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.\n\u201cThis offers significant advantages for individuals, companies and commercial banks,\u201d the Swiss National Bank said in the release. \u201cThanks 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.\u201d\nThe 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.\nSIX previewed the launch of the new\u00a0instant 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.\n\u201cBenefits include the immediate availability of incoming funds, e.g. even during off-peak hours or weekends,\u201d SIX said in its press release. \u201cThis creates more scope for process automation, simplifies liquidity management and reduces settlement risk.\u201d\nThis new real-time payments scheme, named SIC5, complements Switzerland\u2019s existing\u00a0TWINT system, according to the September edition of \u201cThe Real-Time Payments World Map,\u201d a PYMNTS Intelligence and\u00a0The Clearing House\u00a0collaboration.\nThe 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.\nThe post Swiss National Bank and SIX Launch New Instant Payments Solution appeared first on PYMNTS.com.", "date_published": "2024-08-21T11:21:31-04:00", "date_modified": "2024-08-21T11:21:31-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/11/Swiss-National-Bank.jpg", "tags": [ "banking", "Faster Payments", "financial institutions", "News", "partnerships", "Payment Methods", "PYMNTS News", "real time payments", "SIX", "Swiss National Bank", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2052391", "url": "https://www.pymnts.com/news/faster-payments/2024/modern-treasury-expands-its-support-for-instant-payments/", "title": "Modern Treasury Expands Instant Payments Support to Mutual Customers at 6 Big Banks", "content_html": "Modern Treasury\u00a0has expanded instant payments support for mutual clients of six top banks.
\n\u201cMoney 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,\u201d Modern Treasury Co-founder and CTO Sam Aarons said in a\u00a0news release\u00a0Wednesday (Aug. 14).
\n\u201cBy making\u00a0instant payments\u00a0easier to access for our customers, we\u2019re helping them deliver better customer experiences while enabling real-time insight into cash flow.\u201d
\nThe expansion applies to customers of\u00a0Bank of America,\u00a0Cross River,\u00a0JPMorgan Chase,\u00a0PNC Financial Services\u00a0,\u00a0U.S. Bank\u00a0and\u00a0Wells Fargo.
\nThe release notes the importance of instant payments, powered by the Federal Reserve\u2019s\u00a0FedNow\u00a0service and\u00a0The Clearing House\u2019s\u00a0RTP network, in helping businesses move money faster and gain greater insights into that movement.
\n\u201cModern Treasury helps its customers access instant payment capabilities by expanding support for these rails with banks,\u201d the release said.
\nThe 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 \u201cRequest for Payment\u201d (RFP) capability at an increasing number of banks.
\n\u201cAs 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\u2019s insufficient funds risk,\u201d the release added.
\nPYMNTS recently examined the rise of the FedNow service \u2014 which went live last July and now has more than 900 banks on board \u2014 in a conversation with\u00a0Keith Olson, vice president of ACH and online banking at\u00a0Nuvei.
\nHe said that FedNow has some accomplishments to flaunt as it celebrates\u00a0its first birthday, there is still no \u201ckiller use case\u201d that will make instant payments ubiquitous.
\nThere 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.
\nFor example, there has been a top-down push in Europe, with central banks directing FIs to sign up for various payments schemes.
\nAs seen here in the United States, \u201ceven though it\u2019s the Federal Reserve, because they did not mandate participation, they\u00a0had to encourage participation,\u201d Olson said.
\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.
\nThe post Modern Treasury Expands Instant Payments Support to Mutual Customers at 6 Big Banks appeared first on PYMNTS.com.
\n", "content_text": "Modern Treasury\u00a0has expanded instant payments support for mutual clients of six top banks.\n\u201cMoney 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,\u201d Modern Treasury Co-founder and CTO Sam Aarons said in a\u00a0news release\u00a0Wednesday (Aug. 14).\n\u201cBy making\u00a0instant payments\u00a0easier to access for our customers, we\u2019re helping them deliver better customer experiences while enabling real-time insight into cash flow.\u201d\nThe expansion applies to customers of\u00a0Bank of America,\u00a0Cross River,\u00a0JPMorgan Chase,\u00a0PNC Financial Services\u00a0,\u00a0U.S. Bank\u00a0and\u00a0Wells Fargo.\nThe release notes the importance of instant payments, powered by the Federal Reserve\u2019s\u00a0FedNow\u00a0service and\u00a0The Clearing House\u2019s\u00a0RTP network, in helping businesses move money faster and gain greater insights into that movement.\n\u201cModern Treasury helps its customers access instant payment capabilities by expanding support for these rails with banks,\u201d the release said.\nThe 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 \u201cRequest for Payment\u201d (RFP) capability at an increasing number of banks.\n\u201cAs 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\u2019s insufficient funds risk,\u201d the release added.\nPYMNTS recently examined the rise of the FedNow service \u2014 which went live last July and now has more than 900 banks on board \u2014 in a conversation with\u00a0Keith Olson, vice president of ACH and online banking at\u00a0Nuvei.\nHe said that FedNow has some accomplishments to flaunt as it celebrates\u00a0its first birthday, there is still no \u201ckiller use case\u201d that will make instant payments ubiquitous.\nThere 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.\nFor example, there has been a top-down push in Europe, with central banks directing FIs to sign up for various payments schemes.\nAs seen here in the United States, \u201ceven though it\u2019s the Federal Reserve, because they did not mandate participation, they\u00a0had to encourage participation,\u201d Olson said.\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.\nThe post Modern Treasury Expands Instant Payments Support to Mutual Customers at 6 Big Banks appeared first on PYMNTS.com.", "date_published": "2024-08-14T12:00:01-04:00", "date_modified": "2024-08-14T22:09:01-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/10/embedded-payments-modern-treasury.jpg", "tags": [ "ACH", "B2B", "B2B Payments", "banking", "Banks", "commercial payments", "Faster Payments", "FedNow", "instant payments", "Modern Treasury", "News", "PYMNTS News", "The Clearing House", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2051376", "url": "https://www.pymnts.com/news/faster-payments/2024/citi-faster-payments-help-treasurers-extract-last-drop-of-liquidity-from-financial-ecosystems/", "title": "Citi: Faster Payments Help Treasurers Extract \u2018Last Drop\u2019 of Liquidity From Financial Ecosystems", "content_html": "Corporate treasurers once were relegated to the back office, manipulating spreadsheets, preparing audits, handing printed reports off to more senior management \u2014 the folks charting the company\u2019s course ahead.
\nBut as Ambrish Bansal, global head of Liquidity and Cash Concentration Products, for the Citi Treasury and Trade Solutions business, told PYMNTS\u2019 Karen Webster, the role of the treasury department is changing at a rapid speed.
\nNow, 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\u2019s headed and what\u2019s coming into the coffers is determinative of whether companies thrive, or even survive.
\nArmed 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.
\nThe 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 \u201cpoint in time\u201d exercise to a fluid, real-time endeavor.\u00a0
\nIn 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 \u201ccustomer friendliness\u201d of those transactions.
\nBut the demands of faster payments \u2014 and a shift in underlying infrastructure \u2014 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.\u00a0
\n\u201cMany treasurers are thinking, \u2018Well, how can I extract that last ounce of juice from my financial ecosystem?\u2019\u201d Bansal said.
\nTo 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.
\nEmbracing faster payments and fostering treasury\u2019s role as strategic adviser, Bansal said, demand a multipronged \u201ccombination of technology readiness, process readiness \u2014 and a cultural readiness too.\u201d\u00a0\u00a0
\nThat 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\u2019s chosen competitive landscape (that\u2019s the cultural aspect).\u00a0
\nIf those aspects are managed well (and managed simultaneously), cash becomes more accessible, productivity improves and entire industries \u2014 particularly in B2B \u2014 evolve.
\nSecurity also is on the agenda, and banks have an important role to play in developing new protocols tied to their cloud-based systems.
\nProviders such as Citi, Bansal said, with APIs and treasury management solutions, are well positioned to act as a \u201cglobal network bank\u201d that helps clients adapt to the connected economy.
\n\u201cWe 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,\u201d he said.
\nWith those partnerships in place, Bansal noted, Citigroup\u2019s clients are \u201cable to extract efficiencies and do more with less.\u201d
\nWe\u2019re in an environment where treasurers can fund payments anywhere from a central pool of liquidity, minimizing risk along a given \u201clast mile\u201d of transactions \u2014 no matter if that payment is happening in Australia, Hong Kong, Singapore or Mexico with Citi\u2019s network and cross-border, cross-currency pooling solutions.
\nLooking ahead, Bansal said, the mindset of treasurers is generally \u201cpositive\u201d as they examine what the \u201ctreasury of the future\u201d looks like with the potential to leverage Citi\u2019s blockchain, cloud and API solutions.
\n\u201cI see the role of treasury becoming more central to [the enterprise\u2019s] business strategy, to the growth strategy, to the expansion strategy \u2014 and quite frankly, to the sustainability strategy. The treasury team plays a pivotal role,\u201d he told Webster.
\nThe post Citi: Faster Payments Help Treasurers Extract \u2018Last Drop\u2019 of Liquidity From Financial Ecosystems appeared first on PYMNTS.com.
\n", "content_text": "Corporate treasurers once were relegated to the back office, manipulating spreadsheets, preparing audits, handing printed reports off to more senior management \u2014 the folks charting the company\u2019s course ahead.\nBut as Ambrish Bansal, global head of Liquidity and Cash Concentration Products, for the Citi Treasury and Trade Solutions business, told PYMNTS\u2019 Karen Webster, the role of the treasury department is changing at a rapid speed.\nNow, 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\u2019s headed and what\u2019s coming into the coffers is determinative of whether companies thrive, or even survive.\nArmed 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.\nSqueezing the Juice\nThe 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 \u201cpoint in time\u201d exercise to a fluid, real-time endeavor.\u00a0\nIn 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 \u201ccustomer friendliness\u201d of those transactions.\nBut the demands of faster payments \u2014 and a shift in underlying infrastructure \u2014 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.\u00a0\n\u201cMany treasurers are thinking, \u2018Well, how can I extract that last ounce of juice from my financial ecosystem?\u2019\u201d Bansal said.\nTo 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.\n\u00a0Necessary Shifts\nEmbracing faster payments and fostering treasury\u2019s role as strategic adviser, Bansal said, demand a multipronged \u201ccombination of technology readiness, process readiness \u2014 and a cultural readiness too.\u201d\u00a0\u00a0\nThat 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\u2019s chosen competitive landscape (that\u2019s the cultural aspect).\u00a0\nIf those aspects are managed well (and managed simultaneously), cash becomes more accessible, productivity improves and entire industries \u2014 particularly in B2B \u2014 evolve.\nSecurity also is on the agenda, and banks have an important role to play in developing new protocols tied to their cloud-based systems.\nProviders such as Citi, Bansal said, with APIs and treasury management solutions, are well positioned to act as a \u201cglobal network bank\u201d that helps clients adapt to the connected economy.\n\u201cWe 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,\u201d he said.\nWith those partnerships in place, Bansal noted, Citigroup\u2019s clients are \u201cable to extract efficiencies and do more with less.\u201d\nWe\u2019re in an environment where treasurers can fund payments anywhere from a central pool of liquidity, minimizing risk along a given \u201clast mile\u201d of transactions \u2014 no matter if that payment is happening in Australia, Hong Kong, Singapore or Mexico with Citi\u2019s network and cross-border, cross-currency pooling solutions.\nLooking ahead, Bansal said, the mindset of treasurers is generally \u201cpositive\u201d as they examine what the \u201ctreasury of the future\u201d looks like with the potential to leverage Citi\u2019s blockchain, cloud and API solutions.\n\u201cI see the role of treasury becoming more central to [the enterprise\u2019s] business strategy, to the growth strategy, to the expansion strategy \u2014 and quite frankly, to the sustainability strategy. The treasury team plays a pivotal role,\u201d he told Webster.\nThe post Citi: Faster Payments Help Treasurers Extract \u2018Last Drop\u2019 of Liquidity From Financial Ecosystems appeared first on PYMNTS.com.", "date_published": "2024-08-13T04:00:05-04:00", "date_modified": "2024-08-13T22:06:53-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Citi-treasurers-instant-payments.jpg", "tags": [ "Ambrish Bansal", "APIs", "B2B", "B2B Payments", "back office", "Citi", "Citi Treasury and Trade Solutions", "commercial payments", "Faster Payments", "instant payments", "Main Feature", "News", "PYMNTS News", "pymnts tv", "real time payments", "treasury", "video" ] } ] }