Canada has officially launched its Real-Time Rail Monday (Nov. 9), introducing around-the-clock payment infrastructure designed to accelerate money movement, improve cash flow management and give financial institutions and payment providers a platform for developing new services. The system uses the ISO 20022 messaging standard to...
Banks have generally measured instant payments by transactions: how many customers use them, how much money moves and how quickly payments arrive. An example from Amplify Credit Union adds another measure: deposit growth. Business accounts that received at least one instant payment grew 25% faster...
Indian consumers are reportedly increasing their cash usage ahead of new fees on the country’s popular digital payment system. Beginning next month, the United Payments Interface (UPI) system will apply a small fee on all transactions greater than 2,000 rupees, or around $21. But as...
Moving money faster has compressed the time banks have to answer a more complicated question: How should this particular payment move? A transaction can arrive through online or mobile banking, an API or, potentially, an artificial intelligence agent. The bank may have several ways to...
Instant payments may look free to the person tapping “send,” but somebody must pay to keep the money moving around the clock. News surrounding India’s instant payments framework shows some of the economics underpinning faster funds. Beginning Oct. 15, a 0.4% merchant discount rate (MDR)...
Bank of America’s Cross-Border Real-Time Payments solution has completed its first transaction, the bank said in a Tuesday (Sept. 29) press release emailed to PYMNTS. The solution enabled Brazilian bank Bradesco to complete a pilot transaction in which a payment was initiated through Bradesco’s existing...
The Federal Reserve is taking its instant payment system global. Federal Reserve Financial Services said Wednesday (Sept. 23) that the FedNow® Service will soon support cross-border transactions. The move is the first major step beyond U.S. borders for FedNow since it launched in July 2023....
The European Central Bank (ECB) will assess the feasibility of interlinking the Eurosystem’s TARGET Instant Payment Settlement (TIPS) platform with Brazil’s Pix instant payment system, the central bank said in a Thursday (Sept. 24) press release. The ECB’s governing council approved the launch of the...
Asia-Pacific’s real-time payment systems are moving beyond domestic transfers as countries look to connect national infrastructure across borders. The September 2026 PYMNTS Intelligence Real-Time Payments World Map, produced in collaboration with The Clearing House, shows that work taking two forms. Five countries are pursuing a...