Digital Transactions Authoritative, insightful and timely information for payments professionals
The Western Union Co.’s real-time digital payout service for sending money real-time to bank accounts, digital wallets, and cards, is now available in 100 countries. The service, which was announced in September 2019 at Western Union’s investor day conference, leverages Western Union’s more than 40 banking and payment partnerships covering more than …
November, 2020
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16 November
Mastercard Moves to Bring Real-Time Account-to-Account Transfers to B2B Payments
Momentum for real-time payments in the United States picked up Monday as Mastercard Inc. announced it is adding account-to-account (A2A) payments functionality to its Track Business Payment Service. The new capability, which is rolling out in the United States and will be available globally by year-end 2021, allows companies to …
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2 November
With Real-Time Networks on the Way, Processors Prepare to Give Businesses a Piece of the Action
As consumers adopt real-time payments in the coming years, payments providers are expecting businesses large and small to follow suit. News released Monday indicates preparations are already under way. Canadian processor Everlink Payments Services Inc. and Fintainium Inc., a Jacksonville, Fla.-based developer of cloud-based technologies for financial institutions, have agreed …
October, 2020
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28 October
Mastercard’s Top Brass Points to Signs of a Recovery But Warns of Recent Restrictions
As were all payments networks, Mastercard Inc. was hammered by the novel coronavirus pandemic, but its leaders Wednesday morning pointed to a tentative recovery. “Overall, we see signs of improvement, but we’re not out of the woods yet,” noted Ajay Banga, Mastercard’s outgoing chief executive, during a conference call with …
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16 October
MoneyGram Adds International Partners and other Digital Transactions News briefs from 10/16/20
MoneyGram International Inc. reached an agreement with Lulu Money in which consumers in Hong Kong can send or receive money at any Lulu Money location and also link to the MoneyGram network.In related news, MoneyGram and PayMaya, a payments provider in the Philippines, have agreed to launch a service that will allow …
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14 October
A Pilot Is Coming for FedNow, But Some Question the Fed’s Deliberate Pace
The announcement from the Federal Reserve late Monday of a pilot for the FedNow real-time payments service may represent an important stage in the development of a service not expected to go live until 2023 at the earliest. But observers caution rival services have already made headway with key market …
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12 October
BMO Adopts TCH’s RTP and other Digital Transactions News briefs from 10/12/20
BMO Financial Group, a unit of Bank of Montreal, announced it has linked to The Clearing House Payments Co. LLC’s Real-Time Payments network, enabling U.S. business clients to receive funds instantly from any sending bank connected to the network.ACI Worldwide Inc. said its Speedpay unit will allow customers of Entergy Services LLC, a …
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5 October
Debit Use Rises at Restaurants and other Digital Transactions News briefs from 10/5/20
For the week ending Sept. 27, debit card use was up 4.2% at restaurants, not including fast food, and credit card use was down 16.9% compared to the week ending Sept. 29, 2019, according to the Tracking Transaction Trends report from PSCU, a credit union service organization. Debit card use was …
September, 2020
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29 September
Nuvei Makes a Bet on Colorado and other Digital Transactions News briefs from 9/29/20
Nuvei Corp. said it received a sports betting vendor license in Colorado, enabling it to process payments there for regulated sports betting sites and apps.Mastercard Inc. and ACI Worldwide Inc. said they will collaborate to support real-time payments capabilities, initially for central banks, payments networks, financial institutions, and payments providers.To help businesses …
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28 September
While Momentum Builds for Real-Time Payments, Research Tags the U.S. Market As a Laggard
Real-time payments are gaining momentum in the United States, but research released Monday indicates the U.S. market remains a laggard. The total value of so-called instant payments will reach $18 trillion in 2025, but the U.S. share of that market will total just 8%, or $1.4 trillion, according to a …