Real-time Payments

June, 2024

• 7 June

  35% Intend To Add Faster Payments and other Digital Transactions News briefs from 6/7/24

  

  The U.S. Faster Payments Council released its “Faster Payments and Financial Inclusion” survey report that found that 35% of respondents did not have a faster payments integration but planned to do so. The survey canvassed 88 organizations. Technology firm EvonSys Inc. launched its Evonsys Payments Platform for cross-border transfers. The new service integrates capabilities …
• 5 June

  CFPB Lays Out Open Banking Standard Steps and other Digital Transactions News briefs from 6/5/24

  

  The Consumer Financial Protection Bureau said it has settled on a process by which companies can comply with an upcoming personal financial data rights rule related to open banking. Cloud-based phone-service provider Ooma Inc. announced an integration with Square, the point-of-sale unit of Block Inc., to incorporate Square transaction data into business communications …
• 4 June

  FreedomPay Lands Big 5 and other Digital Transactions News briefs from 6/4/24

  

  FreedomPay Inc. said Big 5 Sporting Goods has signed with the company to process payments at its 424 stores throughout the U.S. market. Canada-based identity platform Trulioo said it will work with Mastercard to offer identity-verification services in onboarding both merchants and consumers to help prevent fraud. The Consumer Financial Protection Bureau finalized a rule …

May, 2024

• 28 May

  Eye on Real-Time Payments: BankSocial Debuts an RTP Service; Pidgin Enters a Correlation Collaboration

  

  More credit unions will have access to real-time payments networks in separate deals announced Tuesday. BankSocial, a division of Fivancial Inc., launched its real-time payment service for credit unions. Meanwhile, Pidgin Inc. is working with core processing provider Corelation Inc. to enable broader real-time payments access to its clients. Dallas-based …
• 28 May

  CredBuild’s Renters Reporting and other Digital Transactions News briefs from 5/28/24

  

  Fintech CredBuild said it is working with BloomCredit to enable renters to report rent payments to credit bureaus via property management systems. BloomCredit provides the API codes. PayIt, a specialist in government payments, said the Eastern Band of Cherokee Indians will use PayIt for a new digital fish-licensing system. Waystar Holding Corp., …
• 16 May

  Visa Revamps its Payments Approach

  

  Visa Inc. is taking up the notion of a digital payment identity and making it part of its product mix. Announced Wednesday at the Visa Payments Forum in San Francisco, the Visa Flexible Credential is but one of several products the payments network formally debuted, including broader tap-to-pay capabilities, a …
• 13 May

  Just 38 Developers Take Apple’s Offer and other Digital Transactions News briefs from 5/13/24

  

  Just 38 app developers have so far applied to Apple Inc. to enable payment processors outside of Apple’s proprietary payment system, the iPhone maker said. That’s out of 65,000 developers that were eligible to apply, according to Bloomberg. The report follows legal action that required Apple to make the alternatives available for apps. Ohio-based …
• 9 May

  Behind Open Banking’s Growing Appeal to Consumers, Merchants—And Card Networks

  

  Open banking has been attracting the attention of bankers, merchants, and card networks. It’s also drawing notice from regulators. The concept of making a payment through a direct transfer from a bank account can appeal to consumers because it’s fast and easy, and to merchants because the transaction is reportedly …
• 8 May

  The Clearing House Gets Set to Broaden the Reach for Its Request for Payment Service

  

  The U.S. payments industry has celebrated the emergence in recent years of two major platforms for real-time payments, but what has insiders particularly excited is the potential for something called the request for payment, or the RFP, as they style it. “The RFP is the first real shift in how …
• 7 May

  Consumers And Businesses Are Embracing Instant Payments, a Fed Study Says

  

  Consumers and businesses are embracing instant-payment options for such transactions as bill payment, mobile-wallet funding and defunding, account-to-account transfers, and immediate payroll for employees, the Federal Reserve says. A pair of studies surveying businesses and consumers about instant payments and the payments landscape, released late Monday by the Fed, reveals …