Consumers around the world are setting their New Year’s resolutions as the calendar pages turn to 2018, and banks and financial institutions (FIs) in the United States and around the world are no different.
The January edition of the PYMNTS Faster Payments Tracker™, examines the most recent efforts to bring faster payments technology and capabilities to banks both in the U.S. and abroad, as well as the latest developments in the faster payment landscape.
News from around the world of Faster Payments
The U.S. has been flexing its faster payments muscles lately, celebrating its first new payments system in more than 40 years. Late last year, the inaugural transaction made using faster payments rails in the U.S. was finally completed, and now, banks from across the country are racing to offer real-time payments to their customers.
But, while the U.S. has been celebrating some faster payments firsts, banks and financial players around Europe — where real-time payments were already available — are racing to implement new solutions and technology to stay ahead of the curve.
Fiserv, for one, recently announced it would support several of the first FIs using the SCT Inst scheme to facilitate instant payment through its Dovetail payment solution. Similarly, SIA debuted a payment platform dubbed “SIA EasyWay” to enable banks and payment service providers (PSPs) to manage and customize the new instant payments service from SEPA.
Similarly, in the U.K., Modular recently integrated with the nation’s Faster Payments system to accelerate B2B payments.
To find the latest headlines from around the industry, check out the Faster Payments Tracker’s News and Trends section.
Trusting in Faster Payments
Back in the U.S., FI SunTrust Bank is planning to make faster payments growth the company’s top New Year’s resolution. It recently joined the Zelle network and began offering faster payments transfers to its customers around the country.
In this month’s Faster Payments Tracker feature story, Dan Massey, SunTrust’s chief technology officer, discussed the company’s faster payments goals, technology and strategy. He explained why and how SunTrust recently replaced its previous transfer offering, Popmoney, with Zelle.
“We watched trends in client behavior and listened to their feedback surrounding other offerings, and we knew that clients wanted to be able to use this more often, and on their mobile device,” Massey explained. “Partnering with Zelle allowed us to have that broader network of banks that our clients could make transfers with, and allowed us to invest in a mobile solution.”
Find the story in the latest edition of the Faster Payments Tracker.
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About the Tracker
The PYMNTS Faster Payments Tracker™, is your go-to resource for staying up-to-date on a month-by-month basis. The Tracker highlights the contribution of different stakeholders, including institutions and technology coming together to make faster payments happen.