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Acquirers Eye Faster Payments; Discover’s New CEO Commits to Payments; Plus Weekly Recap
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Faster Payments Are Coming to Acquiring, Triggering Opportunity for Payments Providers
When it comes to faster payments, merchants don’t want to be left out, and that’s creating a big opportunity for payments processors and other merchant acquirers. Indeed, as the payments industry shifts toward real-time and near-real-time money movement, processors can cash in on the value of getting good funds into …
Read More »The Fed Proposes an Always-On Settlement System for Faster Payments
The Federal Reserve on Wednesday unveiled a proposal to facilitate real-time settlement of faster payments. The Fed said it is not committed to any specific action on its plan, but banks and private-sector payment processors are watching for any infringement on their turf. “Over the past year, we have undertaken …
Read More »As Faster Payments Draw Near, the Fed Disbands Its Secure Payments Task Force
The Federal Reserve announced Thursday it is shutting down its Secure Payments Task Force this month. The Fed invited its more than 200 members, made up of payments executives from across the financial-services industry, to work with its FedPayments Improvement Community. Members may also participate in “new collaborative industry work …
Read More »As Players Jockey for Position, Faster Payments Will Total $650 Billion This Year
Last year, the Federal Reserve set a goal of having ubiquitous faster payments available in the United States by 2020, and now the first estimates are emerging of just how much dollar volume will flow across systems already in place and in progress. The total will come to $650 billion …
Read More »Payments 3.0: Faster Payments: Coming Soon
Faster payments in the United States took a major step forward in November with the sending of what many consider the first U.S. faster-payment transaction. A payment was made, in seconds, between U.S. Bank and BNY Mellon using The Clearing House’s Real Time Payments system, a system that meets evaluation …
Read More »Fed Names Faster Payments Work Group and other Digital Transactions News briefs from 10/13/17
The Federal Reserve released the names of 27 payments-industry executives who will serve on a work group focused on developing a governance framework for faster payments in the United States. Fifty-five percent of U.S. credit and debit card spend is now on chip cards and 96% of the top 200 …
Read More »Faster Payments by 2020: Incredibly Unrealistic, Doable, or Both?
The Federal Reserve’s call for a faster-payments system to be in place in the United States by 2020 has been termed everything from a vision to a goal, a soft goal, or a deadline. One thing it isn’t is a mandate. So can faster payments arrive in less than two …
Read More »ISVs Aren’t Likely to Displace ISOs; How Doable Are Faster Payments by 2020? Plus Weekly Recap
Sonic Confirms Payments Breach; A Focused Faster Payments Coming; Affirm Lands Shinola
