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What is a Payment Processing System and How Does It Work?

Stax

To address evolving customer demands and accept electronic payments, you need a payment processing system. This article dives into what a payment processing system is, how it works, and its benefits. TL;DR A payment processing system is the underlying infrastructure for digital and electronic payments.

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Singapore to Launch Two New e-Payment Solutions in Mid-2025 to Phase Out Cheques

Fintech News

EDP will cater to post-dated payments, deducting funds from the payer’s account upon presentment by the payee. To allow sufficient time for adjustment, the deadline for ceasing corporate cheque processing has been extended by one year to the end of 2026.

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New E-Payment Tools Rolled Out as Singapore Prepares to Retire Corporate Cheques

Fintech News

These solutions provide real-time updates for both payers and recipients, enabling greater visibility and traceability of transactions. From 1 January 2027, they will stop processing SGD corporate cheques. Cheque payees are advised to present cheques well before this deadline to ensure processing.

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Unlocking Instant Inbound Payments: Cross River Launches Request for Payment Solution

Trade Credit & Liquidity Management

This innovation addresses a longstanding imbalance in money movement: while outbound payments have become nearly instantaneous, incoming payments have typically relied on slower methods like ACH and wire transfers, which are limited by batch processing and banking hours.

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EPC Selects Swift for the EPC Directory Service

Fintech Finance

Swift has been selected as EDS provider after a Request for Proposal (RFP) process running in the second and third quarters of 2024 and the subsequent approval by the EPC Board in September 2024.

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AI takes on bill payments

Payments Dive

The bill payment company Paymentus is now employing AI to smooth the online payments process for consumers, CEO Dushyant Sharma said in a Thursday interview. The technology can assist customer service agents by providing key details about a customer quickly, so the agent doesn’t face a cumbersome process of looking them up, he said.

AI
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What is ACH Credit and ACH Debit and How Do They Work?

Stax

Understanding ACH credit payments means understanding the way in which different types of ACH payments are processed in the US banking system. An ACH credit payment is a type of payment processed through the Automated Clearing House (ACH) network. An ACH debit transaction is another form of payment processed by the ACH network.

ACH