PYMNTS

OCTOBER 22, 2019

This month’s Deep Dive explores the frictions currently afflicting the B2B cross-border payments and P2P remittances spaces, as well as the solutions being developed to accelerate transactions and reduce pain points. International B2B Payments Pains. Limited connections between FIs can cause delays and higher costs as well.

Cross-Border Payments 41

Cross-Border Payments Cross-Border P2P B2B 41

PYMNTS

NOVEMBER 3, 2020

Desiring to access faster rails and the electricity around P2P transfers, consumers and businesses are driving the market’s obsession with speedier money during recovery. RTP Doing Its Part for a Quicker Recovery. And the market is responding with creativity, innovation … and velocity.

Real Time Payments 109

Real Time Payments RTP Same Day ACH Payer 109

PYMNTS

APRIL 1, 2019

The movement toward faster payments and peer to peer (P2P) is, well, quickening. 40 trillion: Value of payments transferred through SWIFT in 2018. 40 trillion: Value of payments transferred through SWIFT in 2018. Beyond that, in business and in life, showing up on time counts for a lot, too.

Instant Payments 72

Instant Payments ACH Network Real Time Payments Faster Payments 72

PYMNTS

SEPTEMBER 26, 2016

Earlier this year, cybercriminals stole $81 million from the Bangladeshi central bank, and they also stole the trust that the SWIFT global payments network had built with its 11,000 users. Authentication methods for payments networks, such as SWIFT, or P2P money transfer apps are still not completely secure.

Online and Mobile Banking 78

Online and Mobile Banking SWIFT Credential Central Bank 78

Clearly Payments

OCTOBER 31, 2024

Payment Method Description Processing Time Cost Use Cases Popular Examples Credit Cards Bank-issued cards for borrowing funds Instant Varies (2-3% for merchants) E-commerce, retail, travel Visa, Mastercard, American Express Debit Cards Draws directly from user’s bank account Instant Low to none for consumers Everyday purchases, ATMs, retail Visa Debit, (..)

Online and Mobile Banking 98

Online and Mobile Banking RTP BNPL Debit Card 98

PYMNTS

AUGUST 16, 2019

Financial institutions are facing increased pressure to make cross-border payments fast and seamless as consumers grow used to instant P2P payments and such products in other sectors. More than 110 banks from Europe, Asia Pacific, Africa and the Americas are part of the SWIFT gpi, which has been in a pilot stage. and Australia’s NPP.

Cross-Border Payments 81

Cross-Border Payments Cross-Border ISO 20022 ISOs 81

PYMNTS

JULY 16, 2020

And, there will be flexible person-to-person (P2P) services with added layers of security authorizations. A recent PYMNTS report noted the swiftness of digitization. There will be self-service portals for end-to-end payments, and simpler applications for mobile payments that include Request to Pay (RtP) services.

Overlay Service 83

Overlay Service Real Time Payments Payment APIs and Integration B2B 83

PYMNTS

OCTOBER 16, 2020

How Visa, FIS, TCH, SWIFT, Nacha And Circle See The Future Of Faster, Real-Time Payments Rails . Zelle: The Role Of AI In Stopping COVID-Related P2P Payment Scams . Peer-to-peer (P2P) payment apps face a double-edged cybercrime threat, with both account takeovers (ATOs) and scams targeting their users.

Instant Payments 95

Instant Payments Card Issuer Online and Mobile Banking Federal Reserve 95

PYMNTS

JANUARY 12, 2021

Consumers are becoming more familiar with digital technologies and are expecting swifter disbursement methods in other areas of their lives, such as for P2P or retail-related payments. The share of customers who want or expect swift payments everywhere is growing, prompting banks and lenders to. adopt digital disbursement tools.

Instant Payments 95

Instant Payments Non-Bank Payments SWIFT 95

PYMNTS

JULY 31, 2019

Remittance and peer-to-peer (P2P) payment technologies have accelerated transaction speeds for consumers tired of waiting days for money to move across borders. Last month, it was announced that Alipay had partnered with six European digital wallets to allow QR code payments in the countries where the wallets are accepted.

Cross-Border Payments 72

Cross-Border Payments Cross-Border Distributed Ledger Technology (DLT) Payments 72

PYMNTS

SEPTEMBER 26, 2016

Players in the P2P “sharing economy” are fueling the adoption of digital wallets. that allows P2P payments using only a mobile number for the receiver. Cybercriminals stole $81 million from the Bangladeshi central bank in February by managing to exploit weak security in the SWIFT international payments network.

Regulations 72

Regulations Online and Mobile Banking FinTech Third-Party Service Provider 72

PYMNTS

FEBRUARY 21, 2019

The companies noted that the blocks are focused on SWIFT and SEPA payments, using EastNets’ PaymentSafe and SafeWatch Filtering solutions, which will make such payments compliant with anti-money laundering (AML) mandates.

Cross-Border 76

Cross-Border Cross-Border Payments Real Time Gross Settlement (RTGS) Rules 76

PYMNTS

JUNE 22, 2016

According to reports, Commerzbank Manager Michael Kotzbauer denied that its P2P lending platform would negatively impact its own lending operations. As a new revenue stream, Commerzbank’s P2P lending platform relieves some pressure that it and all banks face from competing alternative lending companies.

Cross-Border 40

Cross-Border Cross-Border Payments P2P SWIFT 40

PYMNTS

JUNE 17, 2019

FPS aims to enable users to make instant person-to-person (P2P) transfers using personal identifiers like mobile phone numbers, including between two parties who belong to different banks. The availability of P2P transactions were among the first services to become available from FPS and currently one of the most popular use cases.

Faster Payments 80

Faster Payments C2G Payments P2P 80

PYMNTS

OCTOBER 2, 2019

It’s become commonplace, he said, for consumers to expect peer-to-peer (P2P) transactions to be conducted with lightning speed — whether during a dinner outing, paying for a babysitter or paying the lawn care service. How does this differ from a SWIFT transaction? So, from the beginning, start with the individual consumer.

C2B 81

C2B Faster Payments Real Time Payments Lockbox 81

Fintech News

DECEMBER 10, 2023

Some of the authorities supplying commentary to The Future of Competitive Advantage in Banking & Payments report were from Aite-Noverica, Visa, Swift, Banque Cantonale de Genève, the Payments System Regulator, and HSBC, helping to determine what’s working in current product roadmaps of bank and non-bank FIs from 32 countries globally.

FinTech 121

FinTech Cross-Border Cross-Border Payments ISO 20022 121

Fintech News

SEPTEMBER 17, 2024

This impressive growth has been driven by various factors, the report says, including the swift expansion of digital infrastructure, the widespread popularity of the United Payments Interface (UPI) and other digital payment instruments, as well as changing consumer preferences towards digital transactions.

Digital Payments 106

Digital Payments Credit Cards Online and Mobile Banking Payments 106

PYMNTS

MAY 4, 2018

Payments are moving toward greater speed, efficiency and choice – and in P2P payments, that’s led to the rise of financial technology giants. “P2P payments has not only one, but multiple ten-thousand-pound gorillas,” said Spottiswood. “B2B payments innovation seems to fall behind B2C and P2P,” she said.

Same Day ACH 46

Same Day ACH P2P B2B Cross-Border 46

PYMNTS

OCTOBER 16, 2019

In the always-on, 24/7/365 economy, payments that circle the globe should conceivably be as simple as those made in a peer-to-peer (P2P) transaction. He pointed to SWIFT, the global messaging service, which stands as a markedly secure network for delivering tens of millions of messages on a daily basis across 11,000 financial institutions.

Cross-Border Payments 51

Cross-Border Payments Cross-Border Payment APIs and Integration SWIFT 51

Payment Savvy

NOVEMBER 9, 2022

A wire transfer is an EFT payment method made through the SWIFT network. This is where peer-to-peer (P2P) payments come in. P2P payments are electronic payments made between two individuals without needing a financial institution. Many different platforms facilitate P2P payments; Paypal and CashApp are two popular examples.

Online and Mobile Banking 98

Online and Mobile Banking Wire Transfer Direct Deposit ACH 98

PYMNTS

JULY 6, 2018

There’s also the promise of putting pirates at bay, given the peer-to-peer (P2P) nature of data transference. As the argument goes, honesty comes because there is an immutable record of how people get paid. The promise may be especially valuable in media, where invoices get invoiced and royalties get paid, but record-keeping is paramount.

Blockchain 50

Blockchain Bitcoin P2P Digital Currency 50

The Payments Association

FEBRUARY 14, 2025

trillion, signalling that the consumer looks for convenient, quick ways to make interactions such as a tap of a card, QR scan, P2P transfers. In line with SWIFT and ECB timelines by November, a considerable portion of European cross-border and certain domestic payments must adopt ISO 20022 messaging standards.

ISO 20022 100

ISO 20022 Payment APIs and Integration ISOs Central Bank 100

The Payments Association

JANUARY 29, 2025

Key issues included: Deficient transaction monitoring and reporting : TD Bank failed to monitor significant transaction types, such as Automated Clearing House (ACH) transfers and peer-to-peer (P2P) platforms like Venmo. This delay left a significant gap where transactions bypassed scrutiny, exposing the bank to financial crime risks.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

PYMNTS

SEPTEMBER 26, 2019

Consumers, businesses and governments are seeing faster payments as a path to greater convenience and financial security, and this growing demand is spurring payments services providers (PSPs) to meet this need in a swift, secure manner. Push payments are typically used for payroll direct deposits , mobile P2P services or wire transfers.

Payer 67

Payer Push-to-Card Real Time Payments Payee 67

Stax

JULY 9, 2024

Traditional payment methods, such as mailing checks, can take several days to process, whereas EFT payments are swift and can be completed within minutes. Peer-to-peer payments Another popular payment method that started as a way of transferring funds between bank accounts on the consumer side is peer-to-peer (P2P) payments.

Electronic Fund Transfer Act (EFTA) 88

Electronic Fund Transfer Act (EFTA) ACH Electronic Funds Transfer (EFT) Funds Transfer 88

PYMNTS

JANUARY 8, 2021

With expectations around business payments being influenced by consumer-centric peer-to-peer (P2P) payments and related innovations, the Global B2B Payments Playbook states that “an … important aspect of building a competitive business is being able to send cross-border payments just as swiftly as domestic ones.

Cross-Border 61

Cross-Border B2B Automation Cross-Border Payments 61

The Fintech Times

MARCH 26, 2024

Another key trend is the rise of P2P payments. They are rolling out contactless cards and enhancing terminal infrastructure across key Latin American markets. This shift is propelling an increase in low-value payment transactions, effectively displacing cash from the equation.

Innovation 59

Innovation Alternative Payment Methods Payments SWIFT 59

PYMNTS

NOVEMBER 8, 2017

Originally, faster payment systems were primarily focused on the retail market [person-to-person (P2P) and person-to-business (P2B)], but increasingly business payments [business-to-person (B2P) and business-to-business (B2B)] are taking advantage of the benefits that faster payments offer,” FIS wrote in its report. Switzerland.

Real Time Payments 40

Real Time Payments B2B Innovation Faster Payments 40

M2P Fintech

AUGUST 25, 2023

Benefits of OfflinePay Enables consumers to make merchant payments digitally in areas with no or limited internet availability Reduces load on the Core Banking System (CBS) in banks Allows both P2P and P2M transactions in a completely secure environment How does Offline Pay Work?

Financial Inclusion 52

Financial Inclusion Digital Payments Online and Mobile Banking Payments 52

PYMNTS

AUGUST 30, 2018

Cross-border messaging service provider SWIFT , for one, recently made news when the company announced its plans to expand its role in the European economy. Meanwhile, emerging FinTech players are creating increased competition for SWIFT. While the U.S. Deep Dive: Blockchain and Payment Rails.

Cross-Border 40

Cross-Border Cross-Border Payments Same Day ACH SWIFT 40

Clearly Payments

MARCH 18, 2024

This reduction in friction simplifies the process for both individuals and businesses, facilitating the swift transfer of funds. Convenience and Speed: Renowned for their convenience and rapidity, e-Transfers are esteemed for their swift completion times. October in 2023 hit a new high with over 103 million etransfer transactions.

Credit Cards 105

Credit Cards Federal Reserve FedNow Online and Mobile Banking 105

PYMNTS

MAY 12, 2017

The global peer-to-peer (P2P) transfer and remittance market has grown to well over $1 trillion, thanks to the glut of P2P money transfer apps making domestic and cross-border payments easier and faster than ever. In comparison to P2P transfers, B2B payments logistically involve more heavy lifting, Laven said.

B2B 43

B2B API Cross-Border Cross-Border Payments 43

PYMNTS

NOVEMBER 6, 2018

SWIFT also recently rolled out a new initiative, one aimed at connecting real-time payment systems. Such was the case in Hong Kong, where the existing RTGS system was only serving high-value interbank transactions, leaving peer-to-peer (P2P) and consumer-to-business (C2B) payments to languish. USD) per transaction.

Faster Payments 53

Faster Payments Real Time Gross Settlement (RTGS) Same Day ACH Cross-Border Payments 53

Fintech News

MARCH 26, 2024

6 CapBay (Malaysia) CapBay is a leading fintech company based in Malaysia, specialising in supply chain finance and peer-to-peer (P2P) financing. 24 Funding Societies | Modalku (Singapore/Indonesia) Funding Societies, also known as Modalku in Indonesia , is a leading peer-to-peer (P2P) lending platform in Southeast Asia.

FinTech 102

FinTech APACS Payment APIs and Integration Multi-Currency 102

The Fintech Times

SEPTEMBER 10, 2024

Other important subsectors include lending, insurtech, wealthtech, regtech, and peer-to-peer (P2P) lending. Later this year, the major fintech trade show Sibos , organised by SWIFT, will be held in Beijing – its first event in the APAC region since 2018 in Sydney. China’s fintech ecosystem spans a variety of subsectors.

FinTech 59

FinTech Online and Mobile Banking Digital Currency Economy 59

PYMNTS

JANUARY 2, 2020

Peer-to-peer (P2P) payments, she noted, are the easy, obvious example of what the next generation of offerings need to include because younger consumers have spoken and this is their chosen interactive method. . Building What’s Next .

API 57

API Credit Union Payment APIs and Integration Innovation 57

Fintech Labs Insights

OCTOBER 16, 2016

In a new partnership , Jack Henry & Associates has integrated with Visa to allow customers to send P2P payments directly to a recipient’s Visa debit card. Jack Henry began offering P2P payment capability in 2005 and expects the new method to boost usage. Interestingly, Ripple recently hired former SWIFT board member.

EMV 17

EMV P2P Same Day ACH FinTech 17