The Society for Worldwide Interbank Financial Telecommunication (Swift) will provide U.S. banks with a gateway to The Clearing House's real-time domestic payments platform.
Connected devices, mobile and new processing standards require a larger technology upgrade than the quick updates of the past, according to Rajesh Venkatraman, director of worldwide payments at IBM.
One of the critical unanswered questions early in the Single Euro Payments Area process and the new Payment Services Directive in Europe was whether banks would pony up for needed technology upgrades.
A task force convened by the Federal Reserve released its evaluations last week of 16 proposals to build a faster U.S. payment system. What follows is a brief look at some of the plans that received high marks.
For the last two years, the central bank has allowed the private sector to drive a process aimed at modernizing the nation's payments system. Now the Fed will have to determine what its own role will be.
Same-day Automated Clearing House transactions exist, in part, as a first step in the faster payments initiatives taking place in the U.S. But are they lucrative enough for acquirers to add to their portfolio?
An influential task force established by the central bank envisions a future in which the U.S. has multiple real-time payment systems, and in a new report it lays out a series of actions that will be necessary to stitch them together.
Though they face an array of competitive threats — from digital currencies to peer-to-peer payment apps — the vast majority of community banks do not have a payments strategy, according to a recent survey.
