Faster payments

Financial institutions providing funds via the Fed's same-day ACH transfers need to their systems protect their customers, are commercially reasonable and, most important, follow strictly the protocols the financial institution has agreed to with its customer, writes Alexander Buchanan, counsel at Waller Lansden Dortch & Davis LLP.

Contractor invoices are sent up a long string of approvals and payment is sent back down that long string before they are ultimately paid, writes Will Mitchell, co-founder and CEO of Contract Simply.

Financial institutions in the U.S. are not only under tremendous pressure to determine how they’ll become a part of the new Federal Reserve-driven faster payments ecosystem, but also what the shift to immediacy will mean to their current operating model, long-term strategy, and future relevance to consumers and corporates, writes Bruce Lowthers, COO at FIS.

The tracking engine automatically provides status updates to all GPI banks involved in any GPI payment chain and allows them to confirm when a payment has been completed.