Pacing Payments

Announcements

  • Faster Payments: Does The Fed Have A Hidden Agenda? -- PYMNTS.com

    “Connect the dots” is used as a metaphor to describe how a series of discrete events can explain a “big picture” – often high-impact – action or outcome.

    Steve Jobs, in his famous 2005 Stanford commencement address, said connecting the dots was only possible with hindsight, by looking in the rearview window at the series of things that had happened over the course of one’s life to explain the actions of the here and now.

    So let’s connect some dots.

    Take two announcements from just last week, related to the evolution of faster payments in the U.S.

    First, there was the Fed’s decision to slow faster payments progress via Same Day ACHbecause it wasn’t ready to approve another processing window during the day. Then came PayPal’s debut of Instant Transfer to Bank. This new feature, available to PayPal customers in good standing, leverages the company’s partnership with Chase, and Chase’s connection to The Clearing House’s RTP network, to move money instantly into the bank accounts of consumers and SMBs.
  • Could New Payments Council Push Fed to Move Faster?— Payments Source

    The new U.S. Faster Payments Council states a clear mission — to promote faster payments in the U.S. But this new entity could butt heads with the Federal Reserve if it thinks the Fed isn't moving fast enough. The new council, formed through recommendations from a Fed panel, has enough of the Fed's development plans and guidelines in its bloodstream to keep technology moving forward — at least for now. Still, it is certain that most stakeholders would want to avoid a slow-down of any sort of faster payments development, such as the one Nacha was dealt this week by the Fed in delaying a time frame for adding a faster level of the Same-Day ACH service. Subscription Required.
  • PayPal enables Instant Transfer to Banks for Faster Cash Access — Retail Dive

    PayPal is rolling out a capability that allows PayPal users to instantly transfer money sent to them via PayPal into their bank accounts, a service enabled through the company's partnership with JPMorgan Chase, according to a PayPal blog post. "Instant Transfer to bank," which uses The Clearing House's Real Time Payments network, already is available to U.S. consumers, and will be accessible to U.S. businesses in the coming weeks, with an eventual international rollout also planned, the blog post stated.
  • Making P2P Payments Fraud-Free — PYMNTS.com

    In today’s digital payments ecosystem, businesses, banks and consumers alike want access to their money as fast as possible. While person-to-person (P2P) payment solutions and real-time payment platforms are making the quick exchange of funds possible, fraudsters also see an opening to exploit these systems’ vulnerabilities. While the faster speed of payments is clearly appealing for users, there is now less time available to catch fraudsters as they attempt to steal funds.

Community Blogs

  • NEACH's Faster Payments Executive Summary published monthly in a quick, easy-to-read charticle and blog post, is your go-to resource for staying in the know about new developments in the faster payments landscape. Each month's briefing highlights ...

Latest Discussion Posts

  • NEACH has joined the Faster Payments Council (FPC), a new membership organization focused on advancing faster payments ubiquity by 2020, as a founding member and sponsor. The FPC, which launched November 13, 2018, is the result of the work of the Federal ...

  • According to the Center for Financial Services Innovation (CFSI), Americans fall into one of three financial tiers: financially healthy, financially coping, and financially vulnerable. The majority-55 percent, or 138 million-falls into the middle group ...

  • The move toward faster payments ubiquity continues. While faster payments hit a fever pitch over the past several months, much of what is happening now seems to be happening quietly, away from the spotlight. The Federal Reserve is currently reviewing ...

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  • In the past few years, P2P payments have exploded. Once solely the domain of early adopters, P2P solutions have now become mainstream. Research conducted by eMarketer in 2018 estimated 82.5 million people in the United States alone will have made at least ...

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  • NEACH staff spent the better part of last week attending the Payments Innovation Alliance meeting in Phoenix, AZ.  It was a great opportunity to engage with representatives from vendors, business, banking, and others who are passionate about the payments ...

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