PYMNTS

MARCH 16, 2018

Patent and Trademark Office released the patent application filed by American Express Travel Related Services Company, the payment technology firm’s travel unit, which outlines the use of blockchain technology to accelerate payments between two parties.

Faster Payments 77

Faster Payments Blockchain Payee Payer 77

PYMNTS

MARCH 14, 2019

SWIFT is not planning to use blockchain directly in efforts to settle transactions done between banks. The retail payments solution is based on the Universal Payments Framework, and boosts the number of self-service options for Capitec as it expands its corporate banking efforts. “We

SWIFT 74

SWIFT Blockchain Distributed Ledger Technology (DLT) RFP 74

PYMNTS

NOVEMBER 14, 2017

The first transaction, in addition to moving funds, also carried data in an invoice-like fashion to accompany requests for payments which are irrevocable. The additional transactional data is designed to make it easier for business of all size to reconcile their accounts more quickly and inexpensively.

Real Time Payments 77

Real Time Payments RTP Irrevocability Faster Payments 77

PYMNTS

JUNE 18, 2019

It’s a well-known fact, too, that corporate payments (the B2B kind) are ripe for digitization, and for a wholesale move away from the paper chase, where checks are still stubbornly tied to 50 percent of corporate transactions. RTP isn’t just another payment type a bank can offer.”.

RTP 78

RTP P2P B2B RFP 78

PYMNTS

JANUARY 26, 2021

Waterhouse said the big evolution for the year ahead will involve taking what are now typically debit transactions like check or automated clearing house (ACH) debit and migrating those to the RTP network combining a Request for Payment (RfP) with a consumer authenticated RTP payment.

Real Time Payments 109

Real Time Payments RTP RFP TCH 109

PYMNTS

DECEMBER 20, 2017

Faster payments recently made their American debut, with The Clearing House (TCH) instituting the inaugural transaction on the first new payments and clearing system in the U.S. Just as a track star chases faster, better run times, business owners want things — like their payments — to move faster, too, Ward noted.

AI 83

AI Real Time Payments Faster Payments Payments 83

PYMNTS

JANUARY 13, 2020

That means the vast majority of businesses are at risk for an array of cybersecurity incidents, including the Business Email Compromise (BEC), which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment. Reports said the former finance director allegedly stole $1.5

B2B 89

B2B Wire Transfer FBI Cybersecurity 89

PYMNTS

OCTOBER 1, 2019

One key example Ramsey cited is the request for payment, an offering that he said is actively being promoted across several faster payment schemes. Real-time payments typically tick off all these boxes,” he said. that faster payments are here to stay, and that banks need to get ready, fully, for real time.

ISO 20022 69

ISO 20022 Faster Payments FedNow ISOs 69

The Paypers

MARCH 15, 2018

(The Paypers) The Electronic Payments Association has announced the launch of its new Request for Payment program.

NACHA 28

NACHA ACH Request for Payment Transactions 28

The Fintech Times

OCTOBER 19, 2024

Broadridge Financial Solutions , the investor communications and technology-driven solution provider, has launched a new managed service for connectivity, message processing and workflow management for instant payments.

Instant Payments 52

Instant Payments SWIFT Payer Request for Payment 52

PYMNTS

NOVEMBER 18, 2019

To that end, according to Craig Ramsey, head of real-time payments at ACI Worldwide , the real-time payments focus in the United States through the present day has been on consumer propositions — sending money instantly between parties for groceries, restaurant bills and other expenses. The Corporate Case.

Real Time Payments 49

Real Time Payments Consumer ISO 20022 Online and Mobile Banking 49

PYMNTS

NOVEMBER 18, 2020

Billings noted that corporate clients are also interested in the data that real-time payments can provide across a multitude of payment types, spanning requests for payments, remittances and other transactions. The Rails Themselves .

Real Time Payments 98

Real Time Payments ISO 20022 Reconciliation Payments 98

PYMNTS

OCTOBER 14, 2020

Contis works in real-time payments, while Ordo has been working to simplify the process of getting paid through safe bank transactions and automatic tracking for payments, the release stated. In August, Contis partnered with Currencycloud to boost international payments to 1 million accounts, PYMNTS reported.

Real Time Payments 60

Real Time Payments FinTech Payments Ubiquitous 60

Finovate

APRIL 25, 2024

Trice Trice is a fast, secure platform for instant bank transfers, connecting directly to FedNow and RTP for real-time account-to-account transactions.

Credit Union 52

Credit Union Irrevocability Payment APIs and Integration FedNow 52

PYMNTS

MARCH 12, 2020

Faster payments are only one example of the effects of a world moving toward real-time everything, with growing customer demands driving change in the way banks and businesses operate themselves. As such, the consequences of real-time payments aren’t solely impacting consumers’ peer-to-peer ( P2P ) transaction activity.

RTP 85

RTP Real Time Payments Zelle Faster Payments 85

PYMNTS

NOVEMBER 2, 2018

Under examination in the probe, said FT , is whether four “shell” companies — listed in Florida, the Marshall Islands and the United Arab Emirates (UAE) — set up transactions that were used to siphon off funds. The audit covered the period of July 1, 2014 to Dec.

Ransomware 67

Ransomware Audit FBI Scams 67

PYMNTS

FEBRUARY 3, 2020

In all, the accused had created 297 firms some of which were used for banking transactions and others were just parked on the shelf for using later,” the statement issued by the Delhi West Commissionerate said. More than 60 bank accounts were used for “circular transactions to make them appear genuine,” according to reports.

Scams 52

Scams B2B Email Compromise Business Email Compromise 52

PYMNTS

JANUARY 25, 2019

The rail was built on the ISO 20022 messaging standard, which sends data and payments together. The ability to send a request for payment via RTP can help smooth reconciliation, he noted. . Leveraging requests for payment could really help in those situations.” .

Real Time Payments 67

Real Time Payments Federal Reserve RTP TCH 67

Faster Payments Council

SEPTEMBER 17, 2019

In addition, Kirstin emphasized that the Fed would like to understand how our members feel about other proposed characteristics of FedNow, including: irrevocability additional descriptors that can be included in the ISO 20022 message format the $25,000 transaction limit real-time confirmation of the validity of the receiver's account intraday credit (..)

FPC 68

FPC FedNow Fed Request for Comment 68

PYMNTS

APRIL 2, 2019

Payment solution providers are now also getting in on the real-time game and supporting a growing list of RTP use cases that use the network for rapid transaction speeds. . RTP in the Bill Payments Realm. These struggles make the capabilities of RTP — especially its “request to pay” options — even more compelling.

Real Time Payments 49

Real Time Payments RTP Payer Irrevocability 49

PYMNTS

FEBRUARY 11, 2019

Visa and Mastercard , via their debit rails, enable real-time push payments in support of a number of peer-to-peer (P2P) and business-to-peer (B2P) use cases. Thus, the needle moves from mere transactions to interaction, he said. In another case, if a business is making a payment, in some cases, it will want instant settlement.

Faster Payments 78

Faster Payments Real Time Payments Same Day ACH Payments 78

FICO

SEPTEMBER 27, 2018

In a typical procure-to-pay process, five percent of transactions account for 90% (or more) of the total spend. These larger transactions rightfully require significant controls, contracts and approvals. These transactions are often missed in the manual review processes existing in most organizations today.

Risk 53

Risk Transactions Process Duplicate 53

Finovate

APRIL 2, 2024

Banks in the Treasury Prime network can offer their BaaS clients a real-time payments platform via Narmi’s FedNow service. Narmi supports all of the FedNow offerings, including the ability to receive funds, send money to linked and external accounts, and request for payment (RFP).

Treasury 52

Treasury Instant Payments FedNow Real Time Payments 52

PYMNTS

FEBRUARY 25, 2020

Some firms are focusing on the payer — looking to combat fraud or cross-border payments friction — with their tools. Others, meanwhile, have turned their attention to the accounts receivable end of a B2B transaction. Below, PYMNTS explores the latest initiatives to improve existing payment networks for better corporate payments.

Cross-Border Payments 56

Cross-Border Payments Cross-Border SWIFT Debit Network 56

PYMNTS

JANUARY 16, 2020

For instance, fraudsters can infiltrate the email systems of a firm’s legitimate suppliers to send emails from those vendor domains with a request for payment. Education is imperative, and professionals must understand what action to take when an email is suspicious, or when a request for payment is received via email.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

PYMNTS

OCTOBER 21, 2019

The solution leverages the RTP network from The Clearing House for real-time payments clearing and settlement capabilities, allowing suppliers to receive instant access to funds, as well as detailed information about the transaction.

Visa 44

Visa Real Time Payments RTP Treasury Management 44

Nanonets

SEPTEMBER 1, 2023

Unlike the drawn-out process of paper checks, digital payment methods offer simplicity, with funds directly deposited into vendor's bank accounts – a convenience vendors appreciate. The preference for online payments has surged, accelerated by the COVID-19 pandemic, prompting vendors to opt for digital transactions.

FedNow 52

FedNow Wire Transfer Federal Reserve ACH 52

PYMNTS

OCTOBER 24, 2019

“This new product — with a focus on ‘conversational messaging’ — empowers banks to deepen customer engagement by offering the speed and certainty of faster payments, combined with richer transaction information and more frictionless [B2B] interactions, through their digital banking application.”.

RTP 40

RTP Real Time Payments Request for Payment B2B 40

Fintech Finance

MAY 8, 2024

Spearheaded by the FPC Real-Time Recurring Work Group (RTRWG), sponsored by BNY Mellon , the new report delves into key components essential for the successful deployment of instant recurring payments.

Faster Payments 52

Faster Payments FPC Payments RFP 52

EBizCharge

APRIL 17, 2024

Payment links are web addresses that, when clicked, take the payer to a secure payment portal to complete their purchase. These links offer a streamlined solution for businesses and individuals looking to facilitate transactions. Therefore, it’s beneficial to know the various types of payment links merchants use.

Online and Mobile Banking 59

Online and Mobile Banking Payments Payment Gateways Credit Cards 59

PYMNTS

NOVEMBER 18, 2019

Unlike the BEC, the VEC scam involves a cybercriminal infiltrating a vendor’s email account to send a request for payment (whereas the BEC scam often involves fake, although similar, email addresses and messages). Hassold provided a public comment on the vendor email compromise scam.

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

Payment Savvy

MAY 15, 2023

The development of the FedNow service is a response to the growing demand for efficient instant payment services in the digital age. As consumers increasingly rely on mobile devices and online platforms for financial transactions, the need for faster and more secure payment systems has become more pressing.

FedNow 52

FedNow Federal Reserve Liquidity Management Instant Payments 52

PYMNTS

DECEMBER 6, 2018

Along the way they dug into important data points that describe not only the current status of real-time payments , but the opportunities that could help spark further growth. But that’s not the only benefit associated with real-time payments. You cannot do that with cash transactions,” he said. Unbanked Consumers.

Real Time Payments 56

Real Time Payments RTP Payments Economy 56

PYMNTS

JULY 20, 2016

Authorities say cybercriminals are becoming more sophisticated with the crime, too, with rising instances of executives at legitimate trading companies having their emails hacked to send the requests for payment. “As such, Hong Kong’s just-in-time trade management sector is vulnerable to being hijacked.”

FBI 40

FBI Scams Email Compromise Wire 40

Nanonets

SEPTEMBER 21, 2023

Quotes and invoices play crucial roles in business transactions, but it's essential to understand how they differ in terms of purpose and function. An  invoice  is a formal document sent to a customer after a sale with details of the products or services provided, cost,  payment terms , and contact information.

Best Practices 52

Best Practices Non-Bank Online and Mobile Banking Facilitators 52

PYMNTS

MAY 8, 2017

“A lot of banks are working with legacy back-office infrastructures that were designed a long time ago specifically with batch payments processing in mind,” he explained. That means multiple transactions are settled at once — but real-time payments demands each transaction to be settled independently the moment it lands at the bank. “So

Real Time Payments 46

Real Time Payments TCH ISO 20022 ACH 46

PYMNTS

NOVEMBER 8, 2019

As real-time payments (RTP) gain traction with consumers via peer-to-peer (P2P), the pump may be primed for business-to-business (B2B) transactions to follow suit. Key among those conduits, of course, is the Clearinghouse RTP network, where commercial real-time payments made their debut in the U.S. roughly two years ago.

RTP 40

RTP B2B Real Time Payments P2P 40