Why FedNow Will Slow Real-Time Payments
“I’m from the government and I’m here to make sure you get your paychecks faster – even instantly – if you can just hang in there until about 2024.” That’s the talk track now from the Fed, which a week ago today announced its plans to build and operate a new set of real-time rails, using accelerated access to employer paychecks as its launch use case. Karen Webster digs into the topic.
Venmo Offers Instant Transfer to Bank Accounts
Last year, Venmo added an option to do an instant transfer through a debit card, which would get the money to a bank account in minutes for a 1 percent fee, with a minimum of 25 cents and a maximum of $10. Now, the company is offering an option to transfer money to the bank without a debit card for the same fee. The standard bank transfer, which is free and takes between one and three days, is still available.
Wells Fargo Taps Former Mastercard Exec To Run Merchant Services
Colleen Taylor has 30 years of experience in the payments field. Her most recent position was as an executive vice president at Mastercard, where she helped to drive growth for the company in the areas of B2B, government and payment segments.
Ekata CEO on the SCA Delay and the Future of Authentication
You may have felt it earlier this week – a sigh of relief originating from certain parts of the digital payments and commerce industry, a reaction to the news that the Financial Conduct Authority (FCA) has agreed to a phased implementation of the strong customer authentication (SCA) rules.
Why Payments’ New World Isn’t a Solo Mission
“No person is an island,” so goes the line from an old poem, meant to show how we are all interconnected. That line may lean toward the metaphysical, but the wisdom is pretty literal when it comes to the future of banking, playing out in these last months of the 2010s.
Trackers and Reports
Banks Tap FinTechs for Remittance Overhaul
The cross-border payments market is thriving, and trends are expected to continue over the next few years. In fact, cross-border payments are expected to reach $240 billion in value by 2024. For these transactions to run smoothly, however, communication must remain seamless and secure.
Can On-Demand Pay Stop QSRs’ Employee Churn?
The faster payments landscape is changing rapidly, most recently with the U.S. Federal Reserve’s announcement that it will launch its own real-time payment and settlement system called FedNow.
How Chipotle Safeguards Its Nascent Rewards Program
Mobile order-ahead apps are becoming more and more popular among quick-service restaurants, and many eateries are turning to loyalty and rewards programs to encourage customers to make return visits.
Interesting, Cool and Fun
Uber and Lyft Earnings Tell Tales of Two Strategies
In what seems to be shaping up to be a modern-day version of The Beatles vs. The Rolling Stones, Uber and Lyft have put out their numbers for the latest quarter – and depending on where you look, what niche you examine or what line item you favor, one or the other is a winner.
What Cambodia’s Debt Crisis Means for Microlending
There is a debt crisis slowly but surely building in Cambodia that could see millions of people losing their homes and family farms – the result of microlending run amok amongst 15 percent of the population.
FinCEN Director on Why Casino Cooperation Is Central to Fighting Financial Crime
Cooperation in an environment that is rapidly advancing on many technological fronts was the theme when FinCEN Director Kenneth A. Blanco took to the stage at the 12th Annual Las Vegas Anti-Money Laundering Conference.
Subscriptions Change How Online Gaming Plays to Win
Video games have changed a lot since the early days of home gaming in the late 1970s and early ’80s. The graphics improved, the games got more expensive and elaborate and a whole lot more people from every walk of life are playing them.