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Fed Says America Needs Instant Payments As Soon As Possible

PYMNTS

Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States. Lael Brainard said the coronavirus crisis has heightened the need for instant payments.

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Square Unveils QR-Code Based Ordering For Eateries

PYMNTS

The new “Instant Payments” feature lets companies fund payroll in nearly real time, getting rid of the delay between when funds depart an employer’s account and when the funds come into workers’ accounts.

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Icon Extends IPF to Support Swiss Instant Payments with New SIC5 Scheme Pack

Fintech Finance

Icon Solutions today announces that it has developed and launched a new SIC5 scheme pack for its Icon Payments Framework (IPF) – the payments solution putting global banks in control – to accelerate support for domestic instant payments in Switzerland. Learn more about IPF and get in touch to request a demo.

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Jack Henry and Victor Offer Embedded Payments Platform for Regional and Community Financial Institutions to Better Support Business Customers

Fintech Finance

Maf Sonko, Chief Operating Officer at Victor, explained, “The payments landscape is changing. Payments are increasingly a part of businesses’ strategies to improve the customer experience with instant payments, wallet integrations, financing options, and loyalty programs.

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Z?m Rails Raises $7.8 Million to Merge Open Banking and Instant Payments

Finovate

Founded in 2019, Zūm Rails seeks to make the payments experience less disjointed by integrating open banking and instant payments into a single gateway. that will enable businesses to send and receive FDIC-insured payments in near-real-time. The company launched in the U.S. FedNow, the U.S.

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Today In Digital-First Banking: Tesco Bank Introduces Digital Payment Platform; Square Rolls Out On-Demand Payroll

PYMNTS

Businesses can fund payroll in nearly real time with the new “Instant Payments” feature, removing the delay between when funds depart the account of a business and enter the accounts of workers. Square unveiled the rollout of two new functions that the firm says will simplify payroll for both companies and workers.

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Gambling prepares Resilient and Secure Cloud Technology for Banks

Finextra

While banks often avoid testing backup systems due to switching risks, gambling operators must have bulletproof failover capabilities because down time during peak betting periods would be catastrophic. Cloud also provides rapid recovery often near real time. Its a timing issue.