Accounts Irrevocability Payee 
The Payments Association
JUNE 16, 2025
Any future digital pound will likely co-exist with stablecoins, e-money, tokenised deposits and an upgraded account-to-account payment infrastructure. Synchronous vs asynchronous payments Two distinct payment flows were tested: Synchronous: where activity is required from both payer and payee in real-time.
PYMNTS
SEPTEMBER 26, 2019
Push, or credit, transactions see payers instructing their banks to send money from their accounts to recipients’ accounts, whereas pull, or debit, transactions have recipients’ banks extract money from payers’ accounts. Fraudsters who gain access to customers’ account details could use instant rails to quickly drain accounts.
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Fintech Finance
JUNE 10, 2024
Eastnets, a global leader in compliance and payment solutions, has announced a strategic partnership with iPiD , a leading provider of beneficiary name and bank account verification services. Instant payments – which are irrevocable – demand enhanced verification processes to protect against fraud.
FICO
JUNE 26, 2018
In the UK £250K can now be sent in a single, irrevocable payment – and the system has been tested for up to an eyewatering £10 million. When this kind of fraud takes advantage of an instant and irrevocable payment mechanism, losses will sky rocket. Who Is Liable? In September 2016, the UK consumer group Which?
FICO
DECEMBER 5, 2017
Authorised push payment fraud happens when fraudsters deceive consumers or individuals at a business to send them a payment under false pretences to a bank account controlled by the fraudster. As payments made using real-time payment schemes are irrevocable, the victims cannot reverse a payment once they realise they have been conned.
FICO
JANUARY 22, 2020
Interestingly, nearly half of the respondents (46 percent) are currently only using 1 or 2 of these strategies , potentially leaving them more exposed to attack vectors such as identity theft, account takeovers, cyberattacks. Account takeovers were ranked second, with false accounts and money mules also rated as problems.
PYMNTS
JANUARY 3, 2020
It doesn’t take an accountant to understand that companies will initially make money with instant simply by eliminating the back-office functions associated with paper mail. These include advanced data security and new state and federal regulations governing payout mechanisms – to say nothing of the irrevocable nature of instant payments.
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