Remove Accounts Remove Good Funds Remove Settlement
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Western Union Enables Real-Time Account-To-Account X-Border Payments For Banks, Digital Wallets

PYMNTS

Today, Western Union announces that it has expanded its real-time global payments capabilities to include real-time account-to-account transfers to an account or a mobile wallet for select banks or digital wallet providers in 17 countries. The recipient gets the money nearly instantly — and we settle with the banks overnight.”.

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Breaking Down The Faster Payments Construct

PYMNTS

Two new same-day settlement windows will be added to the ACH Network, which will increase the actual movement of funds between all those financial institutions from once a day (at the beginning of the day) to three times a day. For example, Same Day ACH will move money between all bank accounts in the U.S.

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Faster Payments: Does The Fed Have A Hidden Agenda?

PYMNTS

This new feature, available to PayPal customers in good standing, leverages the company’s partnership with Chase, and Chase’s connection to The Clearing House’s RTP network, to move money instantly into the bank accounts of consumers and SMBs. and every consumer and business with a bank account, regardless of where they bank.

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The Big Tech Canary In The Faster Payments Coal Mine

PYMNTS

FIN also recognizes that getting the Fed’s interoperable network up and running will take some time, so in the interim its members would like to have direct access to the Fed’s national payments settlement system. Currently, access to the Fed’s Real-Time Gross Settlement (RTGS) system is limited to financial institutions that hold deposits.

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Bridging The Gap Between Appearance And Reality Of Instant Payments

PYMNTS

What the customer does care about is the experience — how fast the funds came, how quickly they were available for use, whether they ended up in an account where the consumer could make instant use of them and whether they could choose how to receive those funds. FIs and Solving the “One too Many” Payments Puzzle.

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Why Certainty Rules Payments

PYMNTS

This was not a payment going to a business bank account but to his personal account, which probably does double duty as his business bank account for all I know. Neither he nor his bank could figure out how to connect his account in order to accept my payment. He has a PayPal account, so that’s how I’ll pay him today.

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 Modo’s COIN of the Realm                 

PYMNTS

Treating points as a currency at the physical point of sale is a totally different transaction with settlement that can be all over the map,” Parker said. It all comes down to simple accounting and communication. We know when a transaction qualifies as good funds,” he emphasized. “We