Real-time Payments

September, 2023

• 22 September

  Commentary: Today’s Payments Are Broken. Here’s What to Do About It

  

  Most bankers know that today’s payments are broken. From keeping pace with evolving customer experiences, to navigating the changing regulatory environment, to overcoming competitive threats from nonbanks, many have become so frustrated they are debating whether to abandon some in-house payments channels entirely. Consumers, too, are becoming frustrated with the …
• 21 September

  How Failed Payments, Slow Payments, and Errors Bedevil Organizations

  

  Consumers have come to expect an electronic payment to happen in seconds with zero or few errors, but for organizations the situation is a little more fraught. At least that’s the feedback from a new report, “The State of Payment Operations 2023,” from Modern Treasury Corp., a payments and financial …
• 21 September

  IPS Advances IPSIPay Funding And Other Digital Transactions News briefs from 9/21/23

  

  Innovative Payment Solutions Inc. announced it has completed the second of three $500,000 capital contributions to IPSIPay Express LLC, a joint venture aimed at processing digital payments in the sports-betting and online-gaming markets. Partnering with IPSI in the venture are OpenPath and eFinityPay. Reports indicate a security breach at T-Mobile exposed sensitive data, …
• 20 September

  Freedom Pay Links With Worldpay And Other Digital Transactions News briefs from 9/20/23

  

  The payments platform FreedomPay said it is expanding its partnership with the processor Worldpay to cover more geographic markets globally. FIS Inc. in July agreed to sell a 55% interest in Worldpay to the private-equity firm GTCR in a deal expected to close in 2024’s first quarter. Buy now, pay later specialist Sezzle Inc. announced an …
• 14 September

  Cross-Border Options Are Among Factors Driving Real-Time Payments Growth, a Study Finds

  

  A growing volume of cross-border transactions is fueling the development of real-time payment services, according to a new report from Bank of New York Mellon Corp. and research firm Datos Insights. The report also says businesses stand to lose if they’re slow to invest in real-time payments. Some 80% of …
• 14 September

  FreedomPay’s Cross-Border Platform And Other Digital Transactions News briefs from 9/14/23

  

  Commerce platform FreedomPay said it will begin offering point-of-sale devices from Pax Technology Inc. in the second quarter next year. Visa Inc. announced it will deploy its real-time payments network, Visa Direct, to allow users of United Kingdom-based money-transmission platform Paysend to route payments to eligible Visa cards in 170 countries and territories. …
• 11 September

  A Top Fed Official Points to Real Time Payments Progress While Eyeing Stablecoins Skeptically

  

  The Federal Reserve seeks to work closely with private-sector instant-payment services and plans to carve out a regulatory role to govern developments in stablecoins, a top official at the Fed said Friday. The remarks come in the wake of the Fed’s launch in July of its FedNow real-time payments network. …
• 8 September

  Square Outage Disrupts Transactions And Other Digital Transactions News briefs from 9/8/23

  

  Block Inc.’s Square and Cash App units began experiencing system outages late Thursday, according to news reports. Cash App’s outage reportedly affected peer-to-peer payments, cash-ins, and cash card transactions. At Square, engineers reported early Friday they were deploying a solution. Point-of-sale system maker iPOS Systems has enabled Tap to Pay on iPhone for U.S. …
• 5 September

  Visa Moves Blockchain Into Acquiring With a Pilot for Merchant Processors

  

  Visa Inc., which has been working with blockchain-based currencies at least since the start of the decade, on Monday said it is starting to expand its cryptocurrency services into merchant acquiring, largely for cross-border transactions. The move, which Visa calls a “pilot project,” involves the major merchant processors Worldpay and …

August, 2023

• 29 August

  Snack POS Adds PAX Devices And Other Digital Transactions News briefs from 8/29/23

  

  Restaurant point-of-sale provider Snack POS has agreed to offer EMV terminals from Pax. Soundhound AI Inc., a specialist in artificial intelligence, said it will work with online-ordering platform ChowNow to help restaurants answer and respond to customer calls. Payments provider Nayax Ltd. is working with loyalty-technology platform Giift to enable consumers to convert loyalty …