The RTP network topped 1 million payments on a single day: Sept. 1. This accomplishment highlights the growing adoption of real-time payments and the benefits they bring to financial institutions and their customers, The Clearing House, which operates the instant payments system, said in a Wednesday...
The value proposition of real-time payments is undeniable: payments initiated, cleared and completed in just seconds — at any time. In other words, payees get immediate access to their funds. Naturally, the revolutionary payment method continues to gain swift momentum worldwide as more countries introduce...
Payment solutions firm VSoft says it has integrated its platform with real-time payments firm Pidgin. That integration, the company announced Monday (Aug. 28), will allow VSoft’s core processing solution Wings to facilitate real-time transaction processing through multiple payment rails, including the Federal Reserve’s new FedNow Service and The Clearing House’s Real-Time Payments Network. ...
The manufacturing sector is quickly recognizing the value of real-time payments. Most manufacturers now deem real-time payments vital for business, with 61% holding this view for making payments and 65% for receiving them. PYMNTS’ latest study reveals that small manufacturers are leading the charge away...
For banks eyeing what they must do to get on board the FedNow Service to meet customers’ expectations for faster payments and integrate with the first new payments rails in the United States in four decades — the challenges are numerous. Form3 Chief Operating Officer Eimear O’Connor said in an...
Insurance companies are embracing real-time payments when collecting customer premiums or receiving payments from other businesses. Even though 80% of firms use real-time payments, they account for just 16% of transactions, behind automated clearing house (ACH) and wire transfers. The forecast for growth in real-time...
Only a few weeks after launching in July, the FedNow Service promises to help transform payments, commerce and banking. But as Dr. Jorge Jimenez, president of Juniper Payments, a PSCU company, told PYMNTS in an interview, one need not look all that far to see what a re-imagining of financial services...
FedNow is right now. And with the move into real-time payments, the stage is set for a continued embrace of faster transactions, modernizing trillion-dollar industries that have thus far been reliant on paper checks, paper invoices, and a host of inefficiencies in the mix. As...
Banking-as-a-service firm Pathward and payments company Dash Solutions are giving their partnership another five years. And with that extended partnership, the companies announced in a news release Wednesday (Aug. 2), comes a new tool: SpendIT SendIT, which lets consumer payees use or move their funds to other accounts they own....
