The September edition of the PYMNTS Faster Payments Tracker, powered by NACHA, highlights notable news and developments from across the faster payments landscape, including how banks and other financial institutions are preparing for the arrival of Same Day ACH debits.
And then there was Phase 2. Same Day ACH enters the newest stage of deployment, where the U.S. payments system is getting a bit of an overhaul — bringing same-day debits into the mix. NACHA COO Jane Larimer discusses what to expect, as the payment (and settlement) landscape is changing.
The Payment Systems Regulator (PSR) and Bank of England (BoE) announced Wednesday (Sept. 13) that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to meet a mandate handed down by regulators.
It’s been more than two years since the Federal Reserve issued its Strategies for Improving the U.S. Payment System paper, in which the Fed outlined initiatives for the payments industry and its stakeholders to promote progress.
In an interview with PYMNTS, Jerry Norton, vice president of financial services industry at IT services and consulting company CGI, said that in a global sense, the broad movement toward real-time payments is currently shaping the payments industry.
Icon Solutions announced news it had begun testing connectivity between its Instant Payments Framework (IPF) and U.S.-based limited liability company The Clearing House’s new faster payments infrastructure.
When organizations take in and pay out purchase orders and invoices, what does the perfect payment look like? Bob Sneed, vice president of corporate payments for the payment processing and information management service company WEX, said in a recent interview with Karen Webster that the profile will be different for every organization.
Laura Steele, CEO of Regional Payments Association ePayResources, says that after demonstrating Y2K-like preparedness to ensure the smooth implementation of Phase 1 last year, the Phase 2 rollout is generating less buzz because FIs expect a repeat (aka no drama) performance. Steele and Ross McKay, TD Bank’s SVP of Corporate Products, discuss why FIs are less anxious this time around.
NACHA, the Electronic Payments Association, announced Friday several staffing changes along with realignment of some responsibilities – efforts the overseer of the ACH network said would dovetail with new strategic directions.
With the financial services space shifting from a competitive nature to a collaborative spirit between traditional banks and emerging FinTechs, one major stakeholder in the payments industry has quietly been an integral part of this co-op: the Federal Reserve.
The U.S. Federal Reserve has named a new payments strategy director tasked with heading the agency’s payment system improvement initiatives.
There’s much to look forward to as the September rollout of Phase 2 of Same Day ACH (Debit Pull) looms, but David Barnhardt, executive vice president of full-service payment and verification solutions provider GIACT, thinks there’s just as much reason for caution.
In an interview conducted by PYMNTS’ Karen Webster, Tina Giorgio, president and CEO at ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America®, said 2017 has brought exciting new changes to the payments industry as a whole — and for ICBA Bancard.
Ingo Money CEO Drew Edwards told PYMNTS” Karen Webster that insurance as an industry is ripe for an overhaul when it comes to payments, and indeed, push payments may go a long way toward improving the customer experience.
The Federal Reserve Faster Payments Task Force released its 64-page report outlining ten recommendations for making payments in the U.S. faster, ubiquitous, safer and interoperable. Three hundred people put a lot of hard work into creating a framework for payments that Karen Webster said in principle sounds not all that different than what we have in place today. With one exception — it comes with the Fed having a seat at the table — and maybe even the seat. So why again, do we need an entirely new payments system run by the regulator whose last innovation was …..? Webster says we probably don’t.