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- The Federal Reserve said FedNow, its real-time payments service that launched in July with 35 banks and credit unions, now counts 108 participating institutions with 21 others providing liquidity and settlement services and 20 service providers.
- Kenneth C. Montgomery, the Federal Reserve Bank of Boston first vice president and chief operating officer who spearheaded the development and launch in July of the FedNow real-time payments platform, announced his retirement, effective next spring. The bank has formed a committee to find a replacement for Montgomery, a Fed veteran of more than 40 years.
- Cross River Bank said it will supply a connection to The Clearing House Payments Co. LLC’s Real Time Payments network to Paymints.io, a cloud-based financial service for the real estate industry that will be used for real estate transactions.
- InComm Payments said its InComm Healthcare unit will work with digital grocery-delivery platform Instacart to allow health-care plans to promote grocery and over-the-counter products for delivery to plan members. The program, which starts Jan. 1, will rely on medical-plan funds distributed via InComm’s Dual Network Benefit Card.
- Visa Inc. said its Visa Ventures unit will invest $100 million in what it calls the next generation of companies working with generative artificial-intelligence technology. The card network has been working with forms of AI in payments for 30 years, it said.
- SpotOn Transact Inc. issued its Restaurant Tech Assessment Checklist, aimed at restaurant owners and managers to help them assess installed technology and future needs.
- Global sales for restaurant point-of-sale software will grow at an annual rate of 8.37% over the next eight years, from last year’s $9.42 billion to $17.87 billion by 2030, according to projections by Zion Market Research in its Restaurant POS Software Market report, released Tuesday.
- Digital-payments platform Wirex unveiled W-Pay, a payments service aimed at linking decentralized applications, non-custodial wallets, and established payments networks. Non-custodial wallets are digital apps managed by the owners themselves rather than by a third party.
- Payments-technology provider ThetaRay said its technology has been adopted by Gemba Finance, a United Kingdom-based banking fintech. ThetaRay works to decrease false positives in fraud detection.
- American Express Co. refreshed its U.S. Business Gold card that now includes the ability to earn Membership Rewards points at four times the usual rate and now includes purchase categories such as electronic goods and software and cloud system providers.
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