Monday , September 26, 2022

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As Other Markets Advance, the U.S. Has Much Catching up To Do in Real Time Payments

With the expected introduction by the Federal Reserve next year of a commercial real-time payments platform for the United States, total instant payments in the U.S. market will rise nearly five-fold, to 8.9 billion, by 2026. That’s up from 1.8 billion last year. The dollar volume on these transactions will …

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Bonifi Picks Finicity and other Digital Transactions News briefs from 4/25/22

Data-exchange network Bonifii said it has selected Mastercard Inc.’s Finicity unit to provide open-banking services to access consumer bank data and support underwriting for mortgage, auto, personal, and small-business loans.A financing company for patients to pay medical bills, iVitaFi, launched IVitaFi MyPlan, a payment platform that allows guarantors to access medical bills and …

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Sila’s Instant Settlement Service and other Digital Transactions News briefs from 4/18/22

Sila Inc., a software platform for fintechs, launched Instant Settlement, a service that offers immediate access to automated clearing house debits executed on its platform.Canada-based business-to-business payments platform Versapay announced it has closed on its acquisition of U.S.-based DadeSystems, an accounts-receivable software specialist. Terms were not disclosed.Synchrony Financial reported first-quarter net earnings of …

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Aiming at Smaller Banks, Priority Technology Brings Its Payables Platform to Century Bank

Payments provider Priority Technology Holdings Inc. is partnering with Century Bank, a community bank with locations in New Mexico and Texas, to provide its accounts-payable platform called CPX (Commercial Payment Exchange) to the bank’s business customers. CPX automates manual business-to-business payments processes, such as manual check runs, payments, and reports.  …

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Big Banks’ Interest in Launching Zelle Into Retail Payments Puzzles Some Observers

A serious expansion of the Zelle peer-to-peer payments network or just saber rattling to get a better deal from the card networks? That’s one question raised by payments-industry experts after The Wall Street Journal reported Wednesday that Bank of America Corp. and Wells Fargo & Co.—two of the seven big financial institutions …

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Fraud Is Trending Down Overall, But Businesses Must Remain Vigilant In The Fight Against It, AFP Says

Payment fraud continued to decline in 2021 with 71% of organizations reporting they have been victims of payments fraud activity, compared to 74% in 2020 and 81% in 2019, according to the Association for Financial Professionals’ annual fraud report. The 2021 results are the lowest since 2014. The Bethesda, Md.-based …

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Zelle for Retail Payments? and other Digital Transactions News briefs from 4/6/22

At least a couple of banks—Bank of America Corp. and Wells Fargo & Co.—are proponents of expanding the Zelle peer-to-peer payments service to retail payments, The Wall Street Journal reported. Owned by Early Warning Services LLC, itself owned by seven of the largest U.S. banks including BofA and Wells, Zelle offers account-to-account payments. The …

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TouchBistro Adds Marketing Component and other Digital Transactions News briefs from 4/5/22

Payments provider TouchBistro launched TouchBistro Marketing, aimed at helping restaurants connect and market to customers via custom marketing campaigns. The new system links to TouchBistro’s restaurant-management platform.Innovative Payment Solutions Inc. announced the second phase of its IPSIPay App with approval from Visa Inc. for use of Visa debit cards within the app.PayPal Holdings …

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Ransomware Payments up 78% and other Digital Transactions News briefs from 3/24/22

Ransomware payments exploded last year, with the average payment rising 78% year-over-year to $541,010, according to data compiled by cybersecurity firm Palo Alto Networks.Blackbaud Inc., a cloud software company serving nonprofits, said clients of its Blackbaud Merchant Services unit can now accept payments via both PayPal and Venmo in the United …

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Mastercard Announces Account-to-Account Payment Tools Based on Open-Banking Assets

Mastercard Inc. early Wednesday said it will launch two new payments tools that rely on the card network’s rapidly growing stake in open banking and account-to-account transactions. The new digital tools, which Mastercard says will not be available until later this year, are expected to address risk and uncertainty in …

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POSaBIT Adds Two More States As the Market for Electronic Cannabis Payments Grows

POSaBIT Systems Corp., a payments provider for the legal cannabis industry, today added Texas and Georgia to its roster of states in which the fintech operates. The expansion provides further confirmation of growing demand for electronic payments in marijuana dispensaries. Kirkland, Wash.-based POSaBIT said in a news release that it …

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ACH and Card Processing Services Lift Usio’s Volumes

Boosted by strong growth in its automated clearing house services, credit card acquiring, and other business lines, merchant processor Usio Inc. reported Thursday that its total dollars processed grew 215% in 2021’s fourth quarter from a year earlier and 184% for the full year. San Antonio, Texas-based Usio processed $9.5 …

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A $1-Million Same-Day Cap Takes Effect As the ACH’s Latest Move in the Faster Payments Derby

A new, $1-million limit takes effect on Friday for same-day processing of automated clearing house transactions. The new cap, 10 times higher than the former one, is expected to open the ACH for faster processing of more large-value transfers and is seen as a landmark move toward faster payments as …

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Eye On Earned Wage Access: CloudPay Partners With Visa; indi Rolls out Early Pay

CloudPay, a provider of employee payment solutions, is partnering with Visa Inc. to enable payroll to be deposited directly to employee debit or credit cards through Visa Direct, Visa Inc.’s real-time payment network The new service is expected to provide employees immediate access to their funds compared to the two …

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BofA Brings Positive Pay to Its CashPro App As Same-Day ACH Builds Momentum

With momentum accelerating behind faster payments on the automated clearing house, fraud prevention is taking on a higher profile at the nation’s banks. In the latest move, Bank of America Corp. on Thursday introduced ACH Positive Pay on its CashPro mobile app. The move will let app users review and …

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TCH Notes 9.6% ACH Volume Increase and other Digital Transactions News briefs from 3/7/22

The Clearing House Payments Co. LLC said transaction volume on EPN, its automated clearing house network, increased 9.6% in 2021. The Clearing House and the Federal Reserve, the only ACH operators in the United States, each handle approximately half the commercial ACH market, TCH said.Buy now, pay later provider Sezzle Inc. said Yapstone …

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Volante Unites Real-Time Payments Services and other Digital Transactions News briefs from 3/2/22

Volante Technologies Inc., a cloud payments and financial messaging provider, said it will offer U.S. financial institutions a unified real-time payments service that offers access to The Clearing House’s RTP network and the upcoming FedNow service, which is expected to launch in 2023. Volante has been in the FedNow pilot program since 2021.Facepay …

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Organic Growth, ACH Volume, And M&A Fuel a Big Year for Paya As a Public Company

Marking its first full year as a public company, Paya Holdings Inc. cited organic growth, increasing ACH volume, partnerships, and mergers and acquisitions as key growth drivers. Atlanta-based Paya reported payment volume of $11.7 billion for the fourth quarter, up from $9.2 billion from the same period in 2020, a …

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How a Link to Discover And BIM’s New BuyPass App Ease ACH Payments for Merchants

Digital payments platform provider Buy It Mobility Networks Inc. is betting its new BuyPass application will further reduce the complexities around connecting to its platform for merchants that want to offer branded payment options that debit a consumer’s bank account. Launched Wednesday, the application drops a URL into a merchant’s …

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BIM Launches BuyPass ACH Service and other Digital Transactions News briefs from 2/16/22

Payments-technology firm Buy It Mobility launched BuyPass, a platform aimed at allowing merchants to more quickly launch automated clearing house and merchant-branded payments programs. BIM is working with network capabilities and virtual card technology from Discover Network to reduce the time and cost for merchant integration.Transaction-security firm Forter launched Smart Payments, a technology that uses the …

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