News Topic: Faster payments

If the deployment of faster payments came with a guarantee to boost a financial institution's bottom line, more banks and businesses would likely invest in bringing their legacy systems into a new age. ... Read full article

The central bank originally predicted FedNow's launch within five years, but the Fed chairman told House lawmakers that he expects it will happen sooner. ... Read full article

China dominates the business. Facebook's proposed cryptocurrency could help alter the balance of power. ... Read full article

Many small banks remain skeptical of the payments network because it is owned and operated by big banks and they are waiting for the Federal Reserve to launch a rival service. ... Read full article

Uber launched a series of financial services to provide real-time wage payments and enhanced account features in a single app, seemingly putting Uber in the role of a digital bank. ... Read full article

U.S. Bank wants to disrupt the way consumers pay their bills by offering billers a new platform fit for faster payment rails, new messaging formats and digital assistants. ... Read full article

There is no way to know exactly what the market will look like in 2023 or 2024 when FedNow debuts. We're working on a solution that can help our customers right away, says Luanne Cundiff, president and CEO of First State Bank of St. Charles in ... Read full article

Rep. Denver Riggleman, R-Va., explains why he’s introduced legislation requiring greater transparency over the Federal Reserve’s incoming payment system. ... Read full article

In the payments world, Scharf is best known as the CEO of Visa Inc. from 2012 to 2016, where his strategies for faster payments, fintech partnerships and other key issues may shed light on what Scharf has planned when he becomes CEO of Wells Fargo. ... Read full article

One Republican lawmaker went so far as to suggest that Congress should try to block the central bank's effort, but Democrats said FedNow will promote competition in real-time payments. ... Read full article

It's not a reaction to JPM Coin, the banks says, but a way to speed up international payments for corporate clients. ... Read full article

Community banks and tech companies that are happy the central bank is building a next-generation system are not as pleased with its four- to five-year timeline. But big banks see the slow rollout as an opportunity to expand their own instant payment ... Read full article

The Fed's development of a real-time payments systems has sparked a pointless debate about paper checks. ... Read full article

A new study released by the prepaid issuer MetaBank finds that most consumers want businesses to use faster payment methods when sending them money for refunds, rebates and claim payments. ... Read full article

Kenneth Montgomery, a top executive at the Federal Reserve Bank of Boston, will head the push to make faster payments available across the industry in the next four to five years. ... Read full article

The San Francisco-based fintech is using JPMorgan Chase’s real-time payments service to power the updated overdraft prevention tool. ... Read full article

From housing finance to Facebook’s crypto plans, moderators questioning the presidential candidates in Texas next month would have no shortage of financial policy topics from which to pick. ... Read full article

Readers react to the Fed's lengthy plan for a real-time payments system and Fifth Third's minimum wage increase, jab at Sen. Warren's absence on the Senate Banking Committee and more. ... Read full article