article thumbnail

Payfinia Receives $4.5 Million from Star One Credit Union to Launch CUSO

Finovate

Payfinia’s IPX platform will play a key role in the CUSO, helping organizations leverage FedNow to offer instant payments while providing fraud prevention. The CUSO is launching in partnership with Star One Credit Union, which invested $4.5 million in the organization. million in Seed funding. ” said Star One CEO Gary Rodrigues.

article thumbnail

Why the U.S. has reached a real-time tipping point

Finextra

With the Federal Reserve proposing to make its service available 22 hours a day, seven days a week, Nacha is also considering adding a fourth processing cycle for same-day ACH. New fraud monitoring rules require a proactive approach Finally, as expected, real-time fraud prevention remains a key consideration.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Same-Day ACH Puts a Nail in 'Manual' Fraud Prevention

Payments Source

The tighter processing deadlines of same-day ACH mean that conventional fraud prevention measures will no longer be adequate or effective.

article thumbnail

Nacha Adopts New Rules To Modernize ACH Payments

PYMNTS

Nonprofit Nacha , which enables Automated Clearing House ( ACH ) payments, has adopted eight new amendments to the Nacha Operating Rules that a press release said will help to modernize the payment style. The amendments concern Same Day ACH and new ways of making ACH payments easier to use, the release stated.

NACHA 113
article thumbnail

Unit21 Brings New ACH Fraud Prevention Measures to FIs, Payments Companies and Fintechs Using AI

Fintech Finance

According to the National Automated Clearinghouse Association (Nacha), same-day ACH volume saw a 47% year-over-year growth when comparing the first quarters of 2023 and 2024, due to factors such as the continual increase in real-time payments usage among consumers and businesses.

ACH 52
article thumbnail

Could September 23 Be A Hacker Holiday?

PYMNTS

With the Same Day ACH rollout just weeks away, financial institutions are working to make sure that Faster Payments in the United States are not plagued by the same problems they were across the pond. When the U.K. Around The World Of Faster Payments.

article thumbnail

The Rise Of Instant Payments In The Lending Industry

PYMNTS

Gu recently spoke with PYMNTS about how same-day ACH and other digital disbursements are affecting the lending industry, as well as why lenders should focus on security and data protection as payment speeds increase. Same-day ACH transfers can help bypass many of those frustrations, but they do not qualify as instant payments.