Real-time payments continue their rapid global expansion, with banks and governments updating existing systems and introducing new ones for their citizens and customers. Australia is expanding its real-time payments landscape through a new cross-border payments collaboration between BNY and Commonwealth Bank of Australia (CBA). This...
In today’s competitive job market, traditional benefits like retirement plans and paid time off are falling short as workers demand immediate access to their earnings. Rising financial pressures and living costs are driving this shift, pushing employers to adapt or risk losing top talent. A...
Small and medium-sized businesses (SMBs) across sectors are widely using instant payments. For many, they have become their primary method of sending payment. Across four sectors — healthcare, hospitality, restaurant and transportation — we find that at least two-thirds of SMBs now send instant payments....
Visa has launched a cross-border business payments partnership with London-based FinTech Revolut. The collaboration, announced Tuesday (Aug. 27), allows instant card transfers for Revolut’s business customers via the Visa Direct system. “International transfers for businesses have traditionally come with a list of requirements that can...
Affinity Plus Credit Union has unveiled a new real-time payments service for its members, giving them instant access to their funds. Through the FedNow® Service and RTP® Network, the credit union will enable its members to securely receive instant payments from financial institutions and service...
The Federal Reserve’s latest report to Congress offered a snapshot of money spent — and returns on investment — on all manner of payment systems. As real-time fund flows gain ground, the Fed’s 2023 missive detailed progress and positive returns on Fedwire, which previously was...
The Swiss National Bank and SIX Interbank Clearing have launched a new instant payments solution in Switzerland. This solution enables 60 financial institutions to receive and process instant payments as of Tuesday (Aug. 20), the Swiss National Bank said in a Wednesday (Aug. 21) press release. The new...
The transportation industry is a high-speed world of logistics and delivery, where efficiency and speed are paramount. Yet, the methods by which many transportation businesses conduct financial transactions are not moving at the same pace. A recent PYMNTS Intelligence report, “Moving Faster Than Ever: Real-Time...
The restaurant industry faces financial strain due to inflation and economic downturns, with sales growth projections for 2024 cut to 3.8% from earlier estimates. As establishments contend with cash flow issues and shifting consumer demands, real-time payments emerge as a tool for improving financial stability...