Buoyed by growing consumer preference for faster payments, instant disbursements have gained popularity in recent years. The recent launch of the FedNow instant payments system has further underscoring that demand. In the “Disbursements Satisfaction Report 2023: Instant Payouts Reach an Inflection Point” report, PYMNTS provides...
Sila has introduced a product that offers customers real-time access to ACH debits made to its platform. The new Instant Settlement offering eliminates the need for companies to rely on their own capital or endure the delays of traditional ACH debits, the FinTech company said in a Thursday...
Pet medical insurance provider Trupanion says its vet portal can now process a member’s invoice at a hospital in five seconds. This fast, automated invoice processing enables direct payments to veterinary hospitals at the time of checkout, Trupanion said in a Wednesday (Aug. 9) press release. “By...
Financial network platform Finsync said bankers and businesses can use its network for free. The offering is designed to help businesses scale faster, the company said in a Thursday (July 27) news release. The network lets companies connect bank and credit card accounts to see all transactions in a...
The Clearing House (TCH) has reported that its RTP instant payments network surpassed the 500 million payment milestone on Saturday (July 22). The RTP network has been providing instant payments to millions of consumers and businesses for more than five years, TCH noted. The RTP...
And now comes the real test. Almost four years ago, the Federal Reserve announced that it would develop a “round the clock real time payment and settlement service” that would underpin faster payments. Enabling the instant transfer of funds 365/24/7 is, and has been, a...
India and Indonesia are reportedly planning to link their fast payment systems. The collaboration, as reported Monday (July 17) by Bloomberg News, is designed to spur cross-border fund transfers and would allow transactions to be settled in local currencies. The report, citing a senior Indian official, says...
When it comes to embracing new ways of doing things in payments — adopting standards, fostering new use cases — boring is good. Boring implies there have been no hiccups with the interplay between businesses and financial institutions (FIs). No surprises on the way to...
FinTechs and venture capitalists recognize the pain points inherent in payments — and are investing the time and money needed to modernize infrastructure around existing rails and create new paths for money movement and acceptance of new payment methods. A trio of payments experts told...
