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...
Modern Treasury has expanded instant payments support for mutual clients of six top banks. “Money is moving swiftly toward a real-time future, and seeing customers use Modern Treasury to enable instant payments with some of the largest banks in the U.S. is a testament to the...
Supply and demand is the eternal balancing act in economics, and in payments, too. Drew Edwards, CEO of Ingo Payments, noted to Karen Webster that there’s been a 7% increase, year over year, as determined jointly by Ingo and PYMNTS Intelligence, in instant payments used...