When it comes to fintech, there is no shortage of big bets on which new technologies will come to fruition and the levels of mass adoption. From talk of plastic cards going away to the end of cash, everyone is eager to anticipate the next big trend. But change takes time. Fintech is an exciting…
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WASHINGTON — The Federal Reserve Board on Thursday said it has commissioned a third-party study into the costs and causes of payments fraud, following a recommendation of its own years-long examination of how to modernize the U.S. payments system. The Fed said it has commissioned the Boston Consulting Group to “measure fraud and associated costs…
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Nacha has completed the third and final phase of the faster payments launch, requiring banks and credit unions to make Same-Day ACH funds available to depositors by 5 p.m. in local time. Prior to the third phase of Same Day ACH, the receiving depository financial institutions were required to have funds available by the end…
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It’s clear now that the launch of Zelle last year was far more than a skin-deep rebranding of the years-old clearXchange network, as the P-to-P payments network announced some sizable gains over its past performance. To date, more than 60 financial institutions have joined the Zelle network with participants representing half of U.S. demand deposit…
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PayPal has been working to expand Venmo’s audience beyond millennials for more than a year, a strategy that it hopes to further with instant transfers. Bloomberg News For a fee of $0.25, users can deposit funds into their debit cards in up to 30 minutes, rather than current wait time of up to three days.…
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The demand for safer data, faster payments and better experiences presents great opportunity, but also significant challenges. The way we pay is changing. As shopping habits evolve, e-commerce and m-commerce methods such as in-app and one-click ordering are becoming increasingly popular. In addition, the exponential growth of the IoT is introducing a wealth of new…
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2020. What once seemed like a far-off and futuristic date is just around the corner. Even if 2020 doesn’t deliver on the space travel and intelligent robots promised in science fiction, we can be confident that Americans will at least have access to new payments systems that are suited to the modern digital economy. 2020…
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In the U.S., Visa Direct has emerged as one of the few go-to tools for fast payments in a market that is overdue for such options. The product’s true test begins now, as Visa launches it in Europe, where faster payments options are far more plentiful. Among Visa’s biggest challenges will be Mastercard, which zoomed…
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