The smokestack economy is not out of the woods yet. Manufacturing is still contracting, but growth seems to be on the horizon. The recognition of how tech can enable speedier payments can go a long way toward capitalizing on those growth opportunities. The Institute for...
More than 100 institutions are now actively participating on the Federal Reserve’s FedNow® Service network, which launched in July. There are now 108 financial institutions sending and receiving on the network, 21 institutions providing liquidity and settlement services, and 20 service providers supporting payment processing in the...
Cross River Bank and paymints.io have teamed to expand real-time payments in real estate. The collaboration — an extension of an existing partnership between the companies — lets paymints.io customers in the real estate space make real-time payments using The Clearing House’s RTP network, the two...
The Federal Reserve has unveiled market practices aimed at promoting the standardized implementation of the request for payment (RFP) feature of the FedNow® Service. The market practices were developed by a diverse industry work group convened by the Federal Reserve, which included representatives from various sectors, the Federal...
About two-thirds of manufacturers said real-time payments are an important innovation within their company. Among these manufacturers, 40% said real-time payments are one of the most important innovations within their company, according to “Corporate Changes in Payment Practices: Manufacturing Companies Embrace Real-Time Payments,” a PYMNTS...
The FedNow® Service is rounding the corner into its second month of operation. Justin Jackson, senior vice president and head of enterprise payments at Fiserv, summed up the launch in one word: “Finally.” As he told Karen Webster in an interview, instant payments have been...
The allure of real-time payments is not lost on retail giants. Nearly all retailers generating $100 million or more in annual revenues have embraced real-time business-to-business (B2B) payments. Fifty-four percent plan to make more of these payments in the next year. These large retailers value...
The pivot toward real-time payments is sweeping what might be the most “smokestack” of the some-stack verticals within the economy. That would be manufacturing, of course. As reported in the report “Corporate Changes in Payment Practices: A Deep Dive Into the Manufacturing Sector,” a PYMNTS and The...
Varo Bank introduced Varo to Anyone, the digital bank’s free instant payment service. The service allows for payments from Varo Bank accounts insured up to $250,000 to be sent to anyone with a U.S. debit card, regardless of where they bank, according to a Thursday...