News Topic: Faster payments

A California startup and a century-old Missouri bank, which began using The ClearingHouse's real-time payments network this summer, say businesses have embraced the technology to pay suppliers and gig-economy workers and quickly close real estate ... Read full article

Nano Banc's president, Mark Troncale sits down with PaymentsSource's senior editor Kate Fitzgerald to discuss how the fintech decided to be amongst the first wave of small-to-midsize banks adopting The Clearing House's real-time payments ... Read full article

The central bank must engage core processors, community banks and The Clearing House if it wants to move quickly on building out its FedNow system. ... Read full article

After two years of helping banks connect globally to domestic faster payments rails, Swift is planning to expand on that concept. ... Read full article

With the USPS emerging as an election-year flashpoint, postal banking is an idea that could gain steam. But a number of proposals are out there, and they have wildly varying implications for financial inclusion. ... Read full article

Citigroup’s $900 million payment blunder in a usually sleepy part of the financial market dominated by a handful of banks has experts wondering if regulators will uncover a deeper problem. ... Read full article

The Fed's faster payments platform may well roll out in three or four years, but by then it will already be outdated. ... Read full article

Appearing to support decentralized systems, the acting comptroller of the currency said on a podcast that "the ultimate public ownership of the payment rails is when you have a network, like the internet, of interconnected institutions and ... Read full article

Digital wallets arguably reached a tipping point this spring when contactless payments jumped 40% in response to concerns that cash and payment terminals were helping to spread the coronavirus, Vidya Peters of Marqeta writes. ... Read full article

Mortgage lenders impose steep pricing adjustments for cash-out refinancing; bankers fear massive borrower fraud in the Paycheck Protection Program; some worry the coronavirus is giving banks an excuse to spy on employees; and more from this week's ... Read full article

The shortage of personal protective equipment (PPE) for medical workers is one of the most troublesome elements of the coronavirus outbreak, though prior work to declutter cross-border supply chain payments provides some hope. ... Read full article

As the market deals with the short-term challenge of getting stimulus payments into the hands of citizens, the country has a unique opportunity to put unbanked and underbanked citizens on a long-term path to electronic payment methods, says FIS' Jim ... Read full article

Wall Street trading arms benefited from first-quarter volatility, but it may not be enough to salvage future earnings; “unprecedented volume” of customers logging into their online bank accounts creates system overload at many banks. ... Read full article

The Fed can take steps now to speed up existing networks. ... Read full article

Wells Fargo appears to be outpacing its rivals in the API race; CFPB's unexpected showdown with Citizens; Varo gets vital FDIC OK for bank charter; and more from this week's most-read stories. ... Read full article

Ken Montgomery, who is heading up the Federal Reserve's faster payments network, says the agency is taking an incremental approach to launching the service. ... Read full article

To address immediate market demand but allow time for the project to be done right, the official leading implementation of FedNow says the central bank envisions an initial release in 2023 or 2024 followed by subsequent updates. ... Read full article

The bank was one of the first users of The Clearing House's RTP network. Andrew Haskell explains how faster payments are helping the bank and its clients. ... Read full article