The expectations of small to midsized businesses (SMBs) regarding payment service providers have never been higher, with owners and employees demanding the same payment speed and convenience they experience everywhere else in their digital lives. In the United States, the only widespread real-time option was...
Account-to-account payment platform Form3 says it is ready for FedNow. The company on Thursday (July 27) announced it was among the first in its industry to finish testing and certification for the Federal Reserve’s new instant payment system, which launched last week. “The launch of the FedNow Service marks...
Christine Mayes, executive vice president at Corporate One Federal Credit Union, details how she believes the launch of FedNow will bring healthy competition to the real-time payments industry. — In many ways, FedNow is an extension of the winning formula that the RTP® network pioneered...
Cross River Bank has expanded its partnership with Plaid to offer customers real-time payments. “Expanding our relationship with Plaid to power their real-time offerings is a significant milestone in our commitment to driving financial innovation, and ensuring faster, secure, and seamless payment experiences,” Adam Goller,...
Gig worker-focused banking app Moves has teamed up with payment platform Astra. The partnership, announced Wednesday (July 26), offers Moves members real-time transfers via Astra’s connection to Visa Direct, Visa’s real-time push-to-card payments platform. “As the U.S. gig economy continues to grow, there is a critical need for financial solutions...
The flagship real-time payment system in the U.S., The Clearing House’s RTP® network, reaches 65% of all demand deposit accounts in the country, according to The Clearing House, and any depository institution can connect to the RTP network through more than 20 technology providers. Experts...
And then there were two. The launch of FedNow on Thursday (July 20) brings the tally of real-time payments networks to a duopoly in the U.S. — where the Fed’s new instant-payments infrastructure debuts alongside The Clearing House’s RTP® real-time platform. But the availability of...
Financial institutions and payment service providers hit the ground running when the Federal Reserve launched the FedNow Service on Thursday (July 20). Many had new offerings ready to go using the nationwide payments infrastructure, which was the first to be implemented in about 40 years. At the time of...
Four days from today, the Federal Reserve’s instant account-to-account payments rail will go live. FedNow’s launch on July 20 will bring the number of real-time rails in the U.S. to two. The first real-time rail to go live was RTP®, operated by The Clearing House,...
