The U.K. risks falling behind other nations unless it can create an alternative to its Faster Payment Service. That’s according to a new government-commissioned review on competitiveness in the country’s payment industry, the focus of a Wednesday (Nov. 22) Financial Times (FT) report. According to the...
Real-time B2B payments are transforming industries in which the number of payment transactions is very high — such as the manufacturing sector. According to a recent PYMNTS Intelligence research in collaboration with The Clearing House, virtually all U.S. manufacturing companies used real-time payments last year,...
Although ad hoc payments make up just 24% of accounts payable (AP) volume, they hold significant importance in various industry operations. In fact, these irregular payments, executed outside regular invoicing and payroll processes, are integral to operational efficiency. But despite their importance, ad hoc payments...
As restaurants and others in the hospitality space look for ways to boost retention, PYMNTS Intelligence reveals that instant tip payouts can go a long way — so much so, that many in the industry would even be willing to pay a fee to be...
In an environment with high interest rates and the expansion of instant payment systems, retailers are shifting their payment preferences by leaving traditional methods and replacing them with faster and lower-cost systems such as real-time payments and instant ACH. Forty-two percent of retail firms in...
Consumers are increasingly embracing the immediacy and transparency offered by real-time payments. And the migration to ISO 20022, a new global standard for secure and efficient messaging between financial institutions (FIs), is expected to further accelerate this trend. When it comes to benefits, real-time payments...
Pathward and TabaPay announced an expanded partnership to enhance Pathward’s suite of faster payments solutions. The collaboration aims to empower FinTech firms, merchants and platforms with faster payments nationwide, catering to consumer expectations, the companies said in a Thursday (Oct. 26) press release. The expanded...
As restaurants look for ways to retain their employees, the convenience of instant tip payouts can go a long way toward driving hospitality worker satisfaction. By the Numbers The study “Generation Instant: Hospitality and Tips,” a PYMNTS Intelligence and Ingo Money collaboration, drew from a...
Real-time payments has had a significant impact on the retail industry in the last few years, with the recent launch of FedNow® Service likely to contribute to the further adoption of real-time payments. According to data from The Clearing House, the volume of real-time payment...
