Announcements

  • Same-Day ACH Use Escalates; New Options Emerge---Credit Union Times

    Growth in the use of same-day ACH is putting it on pace to hit 120 million debit and credit transactions a year, according to new data from NACHA – the Electronic Payments Association. In 2017, there were 75.1 same-day ACH transactions totaling $87.1 billion, an average $1,161 per payment. December’s 15.2 million transactions represented a 51% increase over November, indicating widespread interest in the payment method, NACHA said.
  • Report: Banks, Fintech Could Gel Better in 2018--Mobile Payments Industry

    The convergence of mobile platforms, APIs, machine learning and faster payments systems will require an unprecedented level of cooperation between payments industry participants, according to 2018 Outlook: Payments, a free report from Mercator Advisory Group. "Fintechs should still be considered disrupters, but it has become clear that fintechs still need traditional financial institutions in order to reach scale," Aaron McPherson, vice president of research operations at Mercator, said in a press release."
  • Battle of P2P Services: Venmo or Zelle--Bank Innovation

    Owe someone money, rent to pay, bills to split? What is the favored P2P method – the bank-backed Zelleapp? Or social platform p2p service, Venmo? In a poll conducted by Bank Innovation via Twitter, respondents said they preferred Venmo. Among those surveyed, 57% said they prefer using the PayPal owned Venmo to make p2p payments, while 43% said they prefer Zelle. Square Cash (now with more bitcoin!) was not part of the survey.  Zelle is referred to by many in the industry as the banks’ response to the growing popularity of Venmo.
  • NACHA Expects ACH Transactions To Rise--PYMNTS.com

    The volume of same-day automated clearing house (ACH) transactions is expected to rise over the coming months, BusinessInsider reported. According to a NACHA survey, 82 percent of financial institutions surveyed anticipate that Same Day ACH debit volume will grow at a rapid or steady rate. A similar number of institutions — 78 percent — expect credit volume will grow at a steady rate over the next six to nine months. The survey was conducted in November and December of 2017 and included 22 financial institutions (FIs) that represent 78 percent of the ACH Network origination volume.
  • Same Day ACH: Debit’s Debut – Banking, Business and Finance, Credit and Loans Industries--SATPRNews

    The Same Day ACH: Debit's Debut Report has been published. It provides updated in 2018 year analysis of industries from Banking, Business and Finance, Credit and Loans, Home Markets. With both same-day ACH credits and, since September 15, 2917, same-day ACH debits available in the marketplace, this faster form of ACH is finding applicable use cases in both business and consumer applications according to a new research report.
  • The Lightning Network Could Make Bitcoin Faster—and Cheaper--Wired

    IN 2014, JOSEPH Poon and Thaddeus Dryja were bitcoin-obsessed engineers hanging out at pizza-fueled meetups in San Francisco. Their conversation often turned to the central problem of bitcoin: How to make it more useful? The bitcoin network’s design effectively limits it to handling three to seven transactions per second, compared with tens of thousands per second for Visa. Poon and Dryja recognized that for bitcoin to reach its full potential, it needed a major fix.
  • Innovation, Disruption Will Influence Spending In The Treasury Management--Financial Adviser

    Investment priorities and business plans of financial executives will be greatly influenced by technical innovation and disruption, according to the 2017 Treasury Management survey conducted by TD Bank. The top disruptive technologies cited by professionals were process automation (31 percent), distributed ledger/block chain (23 percent), and artificial intelligence/robotics (15 percent). These technologies are expected to make a substantial impact on treasury functions and payments over the next two to three years.
  • Upcoming ACH Rules and Resources--CU Insight

    NACHA has been fairly busy these past few years finalizing and updating rules, issuing bulletins and seeking industry comments for new rules to make ACH transactions faster. A couple of ACH rule deadlines are looming, so it is a good time to review these rules, highlight resources and give you a heads up on things you may have missed from last year. Most credit unions that originate ACHs are well aware of the Same Day ACH rule that was passed a couple of years ago to expedite the sending and receiving of ACHs. As of today, the deadlines for Phase 1 and Phase 2 are long gone, paving the way for the effective date of March 16, 2018 for Same Day ACH Phase 3. Folks, this is only 58 days away!
  • U.S. Biometric Payment Card Market Trial, Secure Tech Alliance Agenda Announced--CU Times

    Swedish-based Precise Biometrics’ algorithm solution for fingerprint recognition is part of the first market trial of dual interface biometric payment cards with $7 million West Jordan, Utah-based Mountain America Credit Union...Authentication comes from placing a finger on the card, making it easier and faster to make payments, benefitting both retailers and consumers. The biometric card works in the existing retail infrastructure. The card’s testing among U.S. customers, begins in early 2018 to assess the cardholder experience and the technology of the biometric cards in different retail environments.
  • Western Union + Ripple (XRP)--The Independent Republic

    If Ripple were a lady, she’d be feeling pretty good right now. All the major money transfer companies want to talk to, and work with Ripple. The latest addition to this list of money transfer companies is Western Union. Although the said partnership has not been confirmed as can be seen in this article, it is causing ripples across the Crypto-Verse. And if Rumors are anything to go by, this could be huge for both Ripple and Western Union. So why would Western Union want a partnership with Ripple?
  • NACHA Member FIs Expect Same Day ACH Debit and Credit Volume Growth Will be Strong...PR Newswire

    NACHA's member financial institutions expect to see an increase in Same Day ACH transaction volume in the coming months, according to a new survey released today by NACHA—The Electronic Payments Association®. Eighty-two percent of the financial institutions surveyed anticipate that Same Day ACH debit volume will grow at a rapid or steady rate and 78 percent expect credit volume will grow at a steady rate over the next six to nine months.
  • UnitedHealthcare Introduces New Digital Health Resources for 2018...Life Pulse Health

    UnitedHealthcare, a UnitedHealth Group (NYSE: UNH) company, today announced new digital health resources for millions of people enrolled in employer-sponsored health plans. These include tools and enhancements that help make it easier for people to navigate the health care system and more convenient for them to use their benefits. UnitedHealthcare is showcasing these new digital health capabilities and other health innovations at CES 2018, the annual technology convention in Las Vegas.
  • Inside The Raiden Network’s Plan to Make a Highly-Usable Cryptocurrency--TechBullian

    One of the primary priorities for blockchain technologists is finding innovative ways to bring scalability to existing cryptocurrency infrastructure. The problem, at a high level, is that today’s most popular digital-coins, including Bitcoin, Litecoin and Ethereum, are ill-prepared to support widespread consumer adoption. For example, Ethereum’s network is current capped at roughly 20 transactions per second. Visa’s network (VisaNet), on the other hand, handles an average of 150 million transactions every day and is capable of handling more than 24,000 transactions per second.
  • Ripple and MoneyGram Test XRP Currency Transfers--Fortune

    Ripple, a blockchain company and rival to bitcoin, on Thursday announced a tie-up with Dallas-based money transfer giant MoneyGram. The move is significant because the arrangement involves the use of XRP, Ripple’s digital currency, which has recently soared in value but also faced questions about its practical uses. The partnership will see MoneyGram pilot the use of XRP through a new Ripple service, called xRapid, designed to provide liquidity to financial institutions.
  • PSD2 Takes Center Stage And Open Banking Era Opens--PYMNTS.com

    And so, it’s finally here. If a monolith must move, can it dance? The monolith is the U.K.’s banking system. The “finally here” is the debut of Open Banking as part of PSD2, which of course extends across the 28-member EU. The dance? The nimbleness with which data is used – and that’s the promise and the peril. Here is a landscape where banking is dominated by a few marquee names – think Barclays, Royal Bank of Scotland and HSBC, among them.
  • When B2B Payments Innovation Is All Talk, No Action--PYMNTS.com

    It was only (relatively) recently that B2B payments finally secured significant attention and investment from innovators. A notoriously clumsy, friction-filled industry, B2B transactions must forge new paths to boost efficiency as businesses demand global solutions, speed and transparency. Investors are paying attention to that need, and are working to back the startups that develop solutions with these goals in mind. This year is expected to be a big one for B2B FinTechs in terms of investor appetite, too: Last month, analysts from American Banker highlighted B2B payments as a key area of FinTech to earn investment this year, citing Accenture data that suggested banks could generate $11 billion in new revenue streams by 2020 through financial services for the small- and medium-sized business market.
  • Blockchain – Unblocking Payments--IBS Intelligence

    Blockchain has significantly evolved since it came to the fore as the technology architecture behind bitcoin. Blockchain technology is currently powering solutions that are used for varied applications such as trading of surplus energy among utilities, secured decentralized file storage, identity management, and smart supply chains, to name a few. The technology was developed to enable trading of the first and most popular cryptocurrency – the Bitcoin. Many other cryptocurrencies have been introduced since then – such as Ether, Litecoin, and Peercoin – and more are under development. At its core, blockchain is a distributed digital ledger.
  • Same Day ACH Payments Grew 51 Percent from November to December 2017 and Totaled More than 75M-NACHA

    Same Day ACH debit and credit transactions totaled 15.2 million in December, an increase of 51 percent over November’s volume, according to data released today by NACHA—The Electronic Payments Association®. The significant increase in Same Day ACH transactions from November to December is just the latest in a long line of indicators demonstrating the widespread interest in and adoption of this faster payment method. “Financial institutions, businesses and consumers are reaping the benefits of Same Day ACH,” said Jane Larimer, chief operating officer of NACHA. “Same Day ACH is now a reality for payroll, bill payment, business-to-business (B2B) payments, account transfers, and many other applications.”
  • Why Faster, Digital-Driven Payments Open The Door To New Compliance Burdens--Payment Week

    Technology has benefited retailers in innumerable ways, from automating accounting and streamlining logistics and checkout to improving customer relationships. In addition, faster payment technologies would seem to offer many benefits with little downside – the faster a retailer receives funds, the better. But governments around the world have also taken note of these technologies and are thinking about ways to use them, not only to reduce fraud, but also to collect the taxes due to them faster.
  • Wirecard Targets Same-Day Payment For Gig Workers--PYMNTS.com

    Wirecard wants to accelerate payments to gig workers, and is enlisting gig economy company Moonrise to help. The companies announced Wednesday (Jan. 10) that they are working together to provide same-day payment to gig workers on the Moonrise platform. Moonrise links these professionals to on-demand jobs, while Wirecard will provide those workers with a payment card to receive compensation within 24 hours after completing a gig, without charging fees to employees.