It’s not enough to build a real-time payment system if financial institutions (FIs) don’t implement the offering, and extend instant payment services to customers. Getting major FIs on board, and actively engaging with a new payment rail, is critical to achieving the widespread availability needed to make a difference for end users.
The Reserve Bank of Australia (RBA) is currently facing these problems with its New Payments Platform (NPP), with major banks largely dragging their feet on offering full functionality to all customers and across all channels. Other players like EBA CLEARING, however, are finding more success. The company recently announced the addition of six Finnish banks to its RT1 instant payment system, extending coverage to nearly all of Finland.
The June Faster Payments Tracker details the latest from the global real-time payments space, including efforts to develop new systems, as well as facilitate and advance the adoption of existing instant rails.
Around the Faster Payments World
In the U.S., payment system testing solutions provider Iliad is seeking to encourage adoption of The Clearing House's (TCH's) Real-Time Payments (RTP) network. The company released a new virtual testing platform to help FIs and gateway service providers design for RTP.
The Kingdom of Saudi Arabia, meanwhile, is working to develop its own real-time system. The Saudi Arabian Monetary Authority's (SAMA's) fully owned subsidiary Saudi Payments teamed up with instant payment systems company Vocalink on the project. Real-time electronic payment solutions provider ACI Worldwide is preparing to help FIs onboard once the system deploys.
Brazil is working to create a faster payments system as well. The country’s central bank recently announced that it expects the system to launch in 2020, a year earlier than originally planned. The new system will be released with capabilities for enabling real-time payments with QR codes.
To read all the latest headlines, download the Tracker.
How Payment Apps Help Divorced Parents Avoid Money Tensions
Shared childcare expenses force divorced parents to stay in communication well after the marriage ends, resulting in what can be uncomfortable disputes over who owes what. Mobile apps like Family Plan can take the friction out of shared finances, with features supporting regularly automated support payments, as well as bill-splitting for one-time expenses like soccer cleats or dentist bills.
In this month’s feature story, Family Plan President Laura MacMahon explained designing the mobile app for divorced parents with swift payments, reimbursement tracking and court-admissible records. Find the full story in the Tracker.
The gig economy sector may be surging, but it could grow faster if only workers were paid sooner. Many have said they would do more gig work if they were compensated in a timely manner, and that they would leave a freelancing marketplace if they experienced payment issues.
This month’s Deep Dive explores payment frictions afflicting the gig economy, as well as efforts to ease these tensions with solutions for streamlined identity verification and instant earnings access. Read more in the Tracker.
About the Tracker
The monthly PYMNTS Faster Payments Tracker, powered by Fiserv, is the go-to resource for staying up to date on faster payment developments and initiatives. It highlights various stakeholders' contributions, including the institutions and technology providers that come together to create change.