Faster Payments Council

NOVEMBER 3, 2019

Collaboration with Glenbrook Partners Uncovers Key Industry Views on Faster Payments Advancements; Need for Ubiquity, Interoperability, Strong Dispute Resolution The U.S. Industry Support for Interoperability Survey respondents were asked how important it is to achieve interoperability across compatible faster payments systems in the U.S.

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Faster Payments FPC Interoperability Payments 68

Faster Payments Council

DECEMBER 29, 2021

We launched seven new white papers and reports, including the Cross Border Faster Payments White Paper and Why Interoperability is Important for Faster Payments report. And while our journey is far from over, we are making the steady and necessary progress to get us to ubiquitous faster payments for all.

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FPC Faster Payments Ubiquitous Interoperability 68

Open Banking Excellence

NOVEMBER 7, 2023

Sweden is reaping the economic and social benefits of a ubiquitous digital identity scheme, which is both secure and user-friendly, providing the UK with an exciting example of what could be achieved by leveraging digital identity.

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Due Diligence Ubiquitous Government Governance 130

PYMNTS

JANUARY 21, 2019

where almost everyone is now banked) and made the case for why the Fed was positioned as the best player to operate a ubiquitous, interoperable real-time payments network – even though the Fed doesn’t have a great track record at payments innovation ( #killthecheck ). Here’s where the canary flew in. it has been since the fall of 2017.

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PYMNTS

AUGUST 10, 2020

Waiting for the Fed — and its promise of interoperability, which requires participation from the private sector — is akin to playing the (very) long game. Waterhouse said that in terms of TCH’s own initiatives in getting banks on board the ongoing effort to make RTP ubiquitous across the entirety of the U.S. New Trends Emerging.

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PYMNTS

NOVEMBER 12, 2020

Supplying a much-needed conduit and line of communication with the unbanked and underbanked is the ubiquitous smartphone. A focus now on unbanked and underbanked Americans takes advantage of momentum in the digital payments space as more connected and interoperable services come online. Mobile Wallets Get Their Moment.

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Online and Mobile Banking Financial Inclusion PayPal FDIC 81

Faster Payments Council

DECEMBER 4, 2019

"The FPC is the only payments organization that has members representing business end users, network operators, consumer organizations, financial institutions, and technology providers, and we believe the Fed's participation gives the FPC even greater reach across the industry to drive adoption of a ubiquitous faster payments system."

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PYMNTS

FEBRUARY 1, 2021

It has clarified the banking processes, but RTP is hardly ubiquitous within Italy, much less across the Eurozone. As Camporeale told Webster, Italian banks were among the first to adopt the SEPA instant credit transfer schemes, back in November 2017. Instant payments will also hasten the movement out of cash.

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Real Time Payments Instant Payments Online and Mobile Banking Push-to-Card 100

PYMNTS

DECEMBER 4, 2018

The industry’s issues include insufficient interoperability between schemes, as well as confusion and cost hurdles faced by financial institutions (FIs). Faster Payments Council (FPC), which will work toward a ubiquitous and secure faster payments system, offering 24/7 availability. Meanwhile, other players in the U.S.

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Central Bank Real Time Gross Settlement (RTGS) RTP Faster Payments 70

PYMNTS

OCTOBER 2, 2019

The vacuum created by the absence of a ubiquitous real-time or instant payments scheme has been filled in by private sector innovation, perhaps readily evident in offerings like Zelle and Venmo. Interoperability is Key. Kohli also discussed the concept of reachability, which delivers value in the form of directory services.

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Instant Payments Interoperability Cash Management Cross-Border 63

Fintech Finance

FEBRUARY 28, 2024

faster payments and guide the FPC in its mission to facilitate secure, efficient, and ubiquitous faster payments in the United States. With over three decades as a senior technology executive, Gupta will work alongside other industry leaders and fellow board advisors to help shape the future of U.S.

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PYMNTS

DECEMBER 20, 2018

In recent months, interoperability has become a major buzzword, as some financial players worry that it could be challenging for real-time payment systems to be interoperable, as most schemes require a local settlement account. Those hoping to make instant and same-day payment systems more ubiquitous in the U.S. Conclusions .

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Instant Payments Consumer Real Time Payments Interoperability 57

PYMNTS

FEBRUARY 4, 2019

is still scrambling to catch up, however, and major financial players are hoping it can achieve its own ubiquitous real-time payments system by next year. The Independent Community Bankers of America and the CUNA requested that the Fed system be interoperable with the private sector’s real-time payment rails. .

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Faster Payments Federal Reserve Real Time Payments TCH 73

Faster Payments Council

FEBRUARY 18, 2021

Over the course of the last year, the FPC and its Work Groups have undertaken many important projects to advance its mission of inclusive and ubiquitous faster payments in the United States. The ideas for new FPC Work Groups are brought forward by FPC members from across the payments ecosystem.

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Financial Inclusion Faster Payments FPC Cross-Border Payments 68

Faster Payments Council

FEBRUARY 6, 2022

2021's results spoke loudly, showing us that the industry is doing more but also wants even more when it comes to ubiquitous faster payments. It also identified interoperability approaches, along with associated settlement schemes that are necessary to create a world-class cross-border payment system.

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Faster Payments Cross-Border Payments Cross-Border FPC 68

PYMNTS

OCTOBER 10, 2016

23, the industry welcomed the rollout of ubiquitous faster payments to every consumer and business in the U.S. “They are trying to maintain interoperability from a global perspective and also trying to achieve that standardization,” he explained. via all banks and credit unions.

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PYMNTS

JANUARY 25, 2019

Richardson recently spoke to PYMNTS about what’s driving corporates’ need for real-time capabilities, how to meet that need and how to make faster payments ubiquitous in the U.S. . That said, the government is encouraging the vision of ubiquitous real-time payments in the U.S. . The Corporate Case For Real Time.

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PYMNTS

JULY 24, 2017

Soon, firms began popping up all over the country, filling in the pieces of the ubiquity puzzle essential for an interoperable network to operate at scale. Between 1866 and 1910, Western Union fought bitterly with the federal government over who should own and operate this network now that it was up and running and ubiquitous.

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Fed Faster Payments Ubiquitous Same Day ACH 47

Faster Payments Council

SEPTEMBER 12, 2022

The panel will discuss issues such as security, governance, and interoperability as well as concerns that the U.S. In this session, FPC QR Code work group leaders address the call to action for payment industry standards needed for universal acceptance and interoperability of QR codes.

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PYMNTS

DECEMBER 20, 2019

But the most head-turning news of the week when it came to pair-ups is the team of rivals that is coming together to collaborate to create an interoperable set of non-proprietary, open-source standard for smart homes and smart technology. Interoperability is a bit tricky, though I think it has to be done.

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Faster Payments Council

JULY 21, 2020

"Our latest research uncovered evolving issues and challenges in the bill pay space, which will help guide the FPC's current and future workstream topics and set the stage for the ubiquitous adoption of faster payments."

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Faster Payments FPC Research Consumer 68

PYMNTS

SEPTEMBER 21, 2016

In just a matter of days, the payments industry will see a significant — and ubiquitous — change in the way payments are sent and received. This means many of the applications will require integrations with other systems — whether they’re back-office systems or payment systems, such as ACH; interoperability with other systems will be key.

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PYMNTS

APRIL 18, 2018

What makes the experience ubiquitous is the set of standards that card networks have agreed to support so that transacting with those payments products is interoperable and consistent for everyone across the payments ecosystem.

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PYMNTS

JULY 6, 2020

Magats said that to offer instant disbursements widely, PayPal has to “stitch together all of the different members of the ecosystem to be able to create our version of interoperability.”. But he added that making payments choice truly ubiquitous means having all choices integrated if one wants to build a transformational customer experience.

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PYMNTS

SEPTEMBER 7, 2017

“Through the strategies and tactics outlined in this next steps plan, the Federal Reserve will support continued industry momentum toward safe, ubiquitous, faster payments for our country.”. According to the Fed, payments must not only be faster, they must also be safe and ubiquitous.

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Fed Federal Reserve Cross-Border Payments Cross-Border 49

The Fintech Times

JANUARY 13, 2024

For that vision to become a reality, open banking payments need to be truly ubiquitous. The true challenge, however, lies in making all of these different open banking setups interoperable.” Integration into digital wallets will boost adoption, as will improvements to the dispute resolution process.

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Payment APIs and Integration Use Case On-Demand Consumer 81

PYMNTS

JANUARY 26, 2017

Interoperability and integration of the buyer and sellers’ data is therefore essential. Of course, the reality is that blockchain is far from ubiquitous, and critics and skeptics of the technology raise challenges for the tool. “For this to work,” the firm continued, “the buyer and seller must be an active part of this value chain.

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Blockchain Cross-Border Payments B2B Cross-Border 57

PYMNTS

DECEMBER 8, 2017

The report laid out strategies for fostering a ubiquitous, secure, faster payments ecosystem by 2020. According to Connie Theien, senior vice president of industry relations at the Federal Reserve, the group is focused on developing a governance framework for faster payments technology interoperability in the U.S.

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Fed Federal Reserve Faster Payments NACHA 40

PYMNTS

DECEMBER 5, 2016

But mobile and other connected devices, the cloud, software platforms, new technologies, data, near-ubiquitous wireless internet and the imaginations of innovators have changed all of that. Voice is the most ubiquitous commerce form factor that exists. Commerce Gets Conversational.

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Online and Mobile Banking Payments Ubiquitous Consumer 86

PYMNTS

MARCH 28, 2017

While these may not necessarily be the greatest vehicles to exchange value, they are ubiquitous in many payment markets, which makes moving consumers and businesses away a major challenge. As Maoloni pointed out, the barriers to faster payments are often times the ability to displace current behavior.

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PYMNTS

MAY 29, 2018

The idea is to “promote global interoperability across EMV QR Code payments,” the standards group said in a statement. The QR Code has been enjoying some love and attention over the past few weeks, though the prospects for the digital payment tool remain relatively limited outside of Asia, at least according to one report.

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PYMNTS

SEPTEMBER 18, 2019

By way of illustration, Ufford said there have traditionally been scores of siloed datasets across the issuing banks — and yet there is a framework the card networks provide through their rails and infrastructure, ubiquitous and trusted. You’ve got to have an increasingly more sophisticated software stack,” he noted.

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Verification Cross-Border Online and Mobile Banking Push-to-Card 63

PYMNTS

DECEMBER 7, 2017

Interac e-Transfer is available at over 255 financial institutions in Canada, making the service nearly ubiquitous from coast to coast. Once they’re there, introducing new features is just about making sure it’s interoperable for both parties.”. But in an ecosystem like the one in the U.S., Luckily for Interac, Canada isn’t the U.S.

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PYMNTS

APRIL 14, 2017

From an ACH networks standpoint, noted Estep, innovation may be “skinny,” but operations are ubiquitous, connecting all the bank accounts in the United States. But speed is not enough, he added, as payment rails also need to include better data and widespread availability around the clock and interoperability that can support open use cases.

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PYMNTS

DECEMBER 27, 2019

The first, he noted, is choice, as instant payments aren’t really ubiquitous until the recipients of funds can actually choose the final destination of their funds for an instant payment. Interoperability is a bit tricky, though I think it has to be done. So what to watch for next? Two things.

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Instant Payments Payments Interoperability Innovation 55

The Fintech Times

MARCH 26, 2024

In terms of infrastructure, while there’s still ground to cover compared to some advanced economies where digital payments are nearly ubiquitous, the gap is closing swiftly. Moreover, as financial institutions, fintechs, and governments work to develop alternative payment methods and e-wallets, interoperability becomes crucial.

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PYMNTS

MAY 3, 2016

For Galant it wasn’t about having tons of different platforms, but instead creating a ubiquitous, scalable one where new ideas and concepts could be applied both efficiently and effectively. Right now when we talk about omnicommerce or omnichannel we are truly talking about interoperability,” he stated. PRIORITIZING INNOVATION.

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