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FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition

PYMNTS

In an interview with Karen Webster, Boston Federal Reserve Chief Operating Officer and FedNow Program Executive Ken Montgomery said the central bank’s ambitious payments initiative remains on track — and will inject competition into the instant payments market. We can also see opportunities for small and medium businesses.

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Connected Devices, Instant Payments, Digital Shift Top This Week’s News

PYMNTS

It was a busy week for commerce and payments, as consumers are harnessing connected devices for digital-first shopping and firms are looking to harness tools to speed up business-to-business (B2B) disbursements and payments. How Visa, FIS, TCH, SWIFT, Nacha And Circle See The Future Of Faster, Real-Time Payments Rails .

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How Visa, FIS, TCH, SWIFT, Nacha and Circle See The Future of Faster, Real Time Payments Rails

PYMNTS

There’s no doubt that when it comes to large bulk payments, said Waterhouse, ACH has strong advantages for users and processing efficiency. But the faster payment systems are showing advantages, too, he said. All of these new instant payments systems around the world are being built on the ISO 2002 standard,” said Waterhouse.

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The Clearing House On The Race for Real-Time Payments In The US

PYMNTS

You’d be forgiven for thinking that faster payments might be the purview of the U.S. Federal Reserve, where details (a roadmap, really) of FedNow , the proposed instant payment system, were released earlier this month. financial services ecosystem, traction may have thus far been slower than originally thought.

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Real-Time Payments Steps Up To Fulfill Demand For Faster Funds

PYMNTS

Financial institutions (FIs) and other financial services providers are looking to help meet the need for speed by leveraging various faster payment rails that support an array of payment methods,” according to PYMNTS’ latest Real-Time Payments Report done in collaboration with The Clearing House.

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The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption

Tearsheet

Most employees receiving payments through DailyPay opt for faster payouts, according to Rob Nardelli, director of DailyPay’s commercial banking and business development. According to data from The Clearing House [TCH] for the third and fourth quarters of 2022, DailyPay’s transactions make up one-tenth of all RTP payments.

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Mastercard and The Clearing House extend partnership on real-time payments

Fintech Finance

Mastercard and The Clearing House (TCH) have announced an extended multi-year partnership, bringing the companies together to collaborate on innovative capabilities for consumers, businesses and governments to evolve and embrace the digital economy through real-time payments (RTP) adoption on the RTP® network.