The U.S. Central Bank will embark on its biggest investment in payments since becoming an ACH operator more than forty years ago. FedNow will be an interbank real-time gross settlement service (RTGS) with integrated clearing. It will support 24/7 real-time transfers of up to $25,000 between any banks in the U.S. and will be available
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SWIFT, the financial messaging and payment company based in Belgium, is developing a global network for facilitating cross-border bank account based payments with 73 financial institutions already on board. Trials for B2B payments are already underway, including a portal for tracking when payments are confirmed and cleared. The participating banks account for 75 percent of
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In early December the Electronic Payments Association, alternatively known as NACHA, released more details on their proposal for a same-day ACH payments system while issuing a request for comments submitted by early February. Meanwhile the Federal Reserve is providing a multiyear roadmap for facilitating real-time payments and The Clearing House, a trade group representing large
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FIS Inc. announced the acquisition of Brussels-based payment technology company Clear2Pay for €375 ($493.3) million in early September. While the company announced the investment would bolster global payment capabilities and enhance enterprise payments solutions, the most interesting aspect of the acquisition may be the fact that FIS offers a real-time funds transfer service called PayNet
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Dwolla, an alternative cash based payment network, enables consumers to make retail payments and peer-to-peer transfers over their hybrid ACH network. In June Dwolla launched their FiSync network which enables real-time bank transfers to Dwolla accounts, meaning users can connect participating bank accounts through their Dwolla account to make purchases in-store and online or transfer
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