Faster Payments Council

SEPTEMBER 12, 2022

The Fall Member Meeting will bring together FPC members for two days filled with presentations on the most pressing issues in faster payments, panel discussions with industry experts, roundtables on timely topics, and engaging networking opportunities.

FPC

PYMNTS

MAY 4, 2016

In this month’s Faster Payments Tracker™ , powered by NACHA, payment providers, in efforts to keep up with modern behavior, are looking for new ways to streamline and quicken financial processing. Here’s a sneak peek: The ultimate goal, Waterhouse said, is ubiquity – namely, to make real-time payments mainstream.

Faster Payments

PYMNTS

JULY 9, 2018

’s Faster Payments system has caused a backlog of transactions still waiting to clear hours later, according to BBC reports from Monday (July 9). The NPSO only recently acquired control of the Faster Payments scheme, as the government consolidates the nation’s payments systems under one roof.

Faster Payments

PYMNTS

AUGUST 28, 2019

Paper checks are often pointed to as an example of how difficult it can be for corporates to change their payment behaviors. With newer digital, automated payment technologies emerging in the B2B space, businesses continue to stick to what’s familiar: paper. Speaking The Same (Payments) Language.

ISO 20022

PYMNTS

SEPTEMBER 23, 2019

Corporates have growing expectations for faster, more efficient and more secure B2B payments — whether their money is moving from one business unit to another or one country to another. Payments Speed and Security. As financial institutions gather for this year’s Sibos conference kicking off in London today (Sept.

B2B

PYMNTS

JUNE 13, 2018

PayStand , a B2B payments company powered by blockchain, is launching in Canada. A press release on Tuesday (June 12) said PayStand is introducing its Payments-as-a-Service (PaaS) solution to the Canadian market. The company’s launch in Canada is part of PayStand’s global push to digitize B2B payments, it said.

Electronic Funds Transfer (EFT)

PYMNTS

JULY 22, 2020

Businesses in lockdown are finding that real-time payments can support the need to move money and execute payments quickly from a remote working environment, he said, while for customers, merchants’ acceptance of faster payment methods supports demand for touchless and online transacting. He pointed to the U.K.’s

Real Time Payments

PYMNTS

DECEMBER 23, 2016

The PSR is also pursuing the adoption of common payments messaging standards, like ISO 20022, for the payment service operators of Bacs and the Faster Payments Service (FPS). Both Bacs and the Faster Payments Service are critical in enhancing B2B payments across the U.K.

ISO 20022

PYMNTS

JUNE 16, 2016

Cyberattackers were able to steal $81 million from the Bangladesh central bank by compromising the SWIFT messaging system , forcing the company — and financial services players everywhere — to take a renewed look at payments security measures. ” Payments Security.

Security

PYMNTS

MAY 29, 2019

Meanwhile, the Reserve Bank of Australia and the Australian Payments Council are considering the migration of payment services to ISO 20022, which could bring them more in line with other countries’ payment messaging strategies. Around the Faster Payments World. Merchants receive the funds immediately.

ISO 20022

PYMNTS

MARCH 9, 2020

Banking association and payments company The Clearing House (TCH) has been confronting such concerns as it advances its real-time payment ( RTP ) offering in the U.S., Ledford recently spoke to PYMNTS to explain how companies can design faster payment schemes that stand out from existing systems yet are easily adopted.

RTP

PYMNTS

DECEMBER 13, 2018

. “We are committed to developing further partnerships around the world to build global, ubiquitous, real-time payments.”. Vocalink has been involved in other faster payments deployments done on a national scale. Vocalink also has been involved in the launch of The Clearing House’s RTP in the U.S.,

SWIFT

PYMNTS

FEBRUARY 7, 2018

6), highlighting both the cost of payments processing and the inefficiencies involved in the process due to a lack of transparency and data in payment messaging, especially for small businesses (SMBs). The companies released their report on Tuesday (Feb.

Process

PYMNTS

JUNE 7, 2018

’s payments messaging operations through the planned adoption of the ISO 20022 messaging standard, the bank announced Wednesday (June 6). The NPSO, which operates Faster Payments and BACS, is working with the central bank to develop a “Common U.K. The Bank of England is streamlining the U.K.’s

ISO 20022

PYMNTS

AUGUST 1, 2019

Payments messaging firm SWIFT has taken recent steps to promote interoperability of its payments network, recently announcing that it would allow blockchain platforms to loop into SWIFT’s global payments innovations (GPI) service to facilitate real-time transactions. Across the pond, meanwhile, the U.S.’s

Interoperability

PYMNTS

JUNE 20, 2016

The Federal Reserve is pushing for adoption of the ISO 20022 global payments messaging standard, a move industry analysts say could streamline B2B payments, especially cross-border. “Anything new that comes out will almost certainly be with this standard,” Carlsson said of ISO 20022.

ISO 20022

PYMNTS

JULY 3, 2018

Earlier this year, the NPSO took responsibility for the Bacs Payment Schemes Limited and Faster Payments Scheme Limited. ’s efforts to streamline its payments infrastructure and ecosystem. The mergers and consolidations are part of the U.K.’s

Continuity

PYMNTS

OCTOBER 29, 2019

JHA PayCenter gives our institution the clearest, most cost-effective path to making faster payments a reality – now and as additional options emerge,“ said Jenny Murphey, executive vice president and chief operating officer for Pegasus Bank. More than half of U.S. The three have secured 90 percent of U.S.

RTP

PYMNTS

AUGUST 9, 2018

Payments infrastructure news tends to be global in scope, as firms and stakeholders eye efficiency and speed in transacting in new and existing markets far-flung in nature. As noted by PYMNTS in this space, those two schemes facilitate instant domestic payments. In UK, Firms Eye Global Trade (and Payments).

Cross-Border

PYMNTS

DECEMBER 4, 2018

The payment messaging entity SWIFT this past week began implementing its SWIFTNet Instant service that is tied to the Eurosystem’s TARGET Instant Payment Settlement service. The service, as has been reported, lets customers make instant payments from inside the Single Euro Payments Area (also known as SEPA ).

Instant Payments

PYMNTS

AUGUST 15, 2019

The growing traction of faster payments continues, especially across a cross-border backdrop. In news reported by MoneyControl.com, SWIFT, the payments messaging giant, is reportedly looking at testing instant international settlements with local networks in India to speed transactions and make them more transparent.

Settlement

PYMNTS

AUGUST 15, 2019

SWIFT’s decision to replace its existing cross-border payment messaging service with ISO 20022 represents another significant push in that direction — one that could have ripple effects. NACHA also offers a tool to help firms send ISO 20022-approved remittances data for B2B payments. .

ISO 20022

PYMNTS

SEPTEMBER 22, 2017

Months prior, the bank also said it joined SWIFT’s global payments innovation initiative, an effort that focuses on innovation in the cross-border payments space using the SWIFT payments messaging network with a focus on faster payments and data collection.

Cross-Border Payments

PYMNTS

MARCH 16, 2016

When analysts from SWIFT and its ISO 20022 Registration Authority took a look at the various efforts behind adoption of the global messaging standard in 2014, a report found that while implementation projects were on their way across Europe, Russia and Africa, among the laggards were the U.S. in its faster payments initiatives.

ISO 20022

PYMNTS

MAY 3, 2016

“This is perhaps unsurprising,” ACI stated of this conclusion, “given their urgent need to modernize aging legacy systems to operate in an increasingly mobile and real-time payments environment.”. Real-Time Payments A Bust?

ISO 20022

PYMNTS

SEPTEMBER 24, 2019

Below, PYMNTS looks at the latest news in cross-border payments innovation as industry players complete, collaborate and innovate. SWIFT gpi Links Into Real-Time Payments. Payments messaging firm SWIFT announced Monday (Sept.

SWIFT