Fintech News

OCTOBER 30, 2024

By utilising blockchain technology, the exchange of cash and securities becomes near-instantaneous, a significant improvement over traditional repo markets where the process can take at least one business day. OCBC reportedly completed its first reverse repo transaction on 11 October 2024, with a maturity of less than 120 minutes.

Blockchain 128

Blockchain Liquidity Management Returns Participant 128

Fintech News

SEPTEMBER 16, 2024

Transactions take 3-5 business days to process, and users will receive an e-receipt via email. Users can add up to eight payment items in one transaction, with a maximum payment limit of S$2,000 and a 2% service fee.

Cross-Border Payments 118

Cross-Border Payments Cross-Border Payments Payment Solutions 118

EBizCharge

JUNE 3, 2024

The significance of EFT transfers lies in their ability to facilitate immediate access to funds on nearly any given business day. This immediate access is essential for both individuals and businesses to manage cash flows , make timely payments, and maintain financial stability. What is the Electronic Funds Transfer Act (EFTA)?

Funds Transfer 52

Funds Transfer Electronic Fund Transfer Act (EFTA) Electronic Funds Transfer (EFT) Wire Transfer 52

Fintech News

FEBRUARY 25, 2024

MAS has directed Samlit to ensure that beneficiaries of uncompleted remittance transactions receive the funds within seven business days, even after the surrender of its license. If the funds are not received by a beneficiary within seven business days, Samlit is required to contact the remitter immediately for further instructions.

Authorization 105

Authorization Laws Business Day Compliance 105

Stripe

APRIL 3, 2024

Manual payouts will now land in your bank account on the same business day due to new local banking integrations in the UK. No extra fees, no integrations changes needed.

Business Day 52

Business Day Accounts 52

Clearly Payments

APRIL 5, 2024

Batching : At the end of the business day, the merchant sends all the day’s authorized transactions, known as a batch , to their payment processor. Several factors can affect this timeline: Banking Hours and Holidays: Transactions are typically processed only on business days.

Credit Cards 71

Credit Cards Transactions Processors Cross-Border 71

Fintech News

JANUARY 10, 2024

MAS emphasised that licensees are required to ensure that money accepted for transfer is deposited in the recipient’s account within a stipulated timeframe of three to seven business days. Furthermore, these companies must provide adequate documentary evidence confirming that the recipient has indeed received the money.

Authorization 108

Authorization Business Day Adjustments Breach 108

Agile Payments

MARCH 27, 2020

If your property management complex is closed on the weekends, clerks are likely to be overwhelmed as soon as they open on the next available business day. When rent payments come due, you don’t want your property management staff overwhelmed! Likewise, today’s customers expect to be able to make payments whenever, wherever.

Business Day 88

Business Day Payments 88

Fintech Finance

OCTOBER 28, 2024

Neil Richards, General Manager Business Funding at Dojo, comments: “Dojo’s partnership with YouLend has enabled Dojo to help SMEs thrive in the experience economy. ” Following the £1 billion milestone, the two fintechs will continue to scale their partnership and expand business funding to new European markets this year.

Embedded Finance 88

Embedded Finance Finance FinTech On-Demand 88

EBizCharge

SEPTEMBER 17, 2024

The ACH transfer process involves the coordination between originating and receiving financial institutions, and transactions are usually settled in batches at specific times throughout the business day. Business accounts may have the option to request even higher limits depending on their needs and transaction volume.

ACH 52

ACH Same Day ACH Electronic Funds Transfer (EFT) Direct Deposit 52

EBizCharge

OCTOBER 13, 2023

Since these deadlines can drastically alter the pace of transactions, this article provides a clearly explains cutoff times, benefits, and their impact on your business to navigate them effectively. Bank cutoff times refer to specific deadlines set by banks each business day for accepting and processing transactions.

Fraud Prevention 52

Fraud Prevention Business Day ACH Checks 52

CB Insights

MARCH 3, 2022

deals per business day. Tiger Global has only accelerated its dealmaking in 2022 so far, doing 2 deals per business day — in spite of a rocky few months of lower-than-average fund returns and a broader public-market tech stock selloff. That equates to 1.3 GET THE FULL REPORT.

NFTs 69

NFTs Business Day Returns Blockchain 69

Payments Source

APRIL 7, 2020

The “hold” period has shrunk considerably, from 10 business days to typically now three, one or zero, making it harder to spot suspicious activity, says FICO's Liz Lasher.

Instant Payments 77

Instant Payments Business Day Payments Faster Payments 77

EBizCharge

APRIL 25, 2024

Domestic wire transfers can often be completed within a business day , while international wire transfers typically take a bit longer, generally between one to five business days. Business days are pivotal, as weekends and bank holidays can extend the timeline. Most other forms of EFT vary in speed.

Wire Transfer 52

Wire Transfer Wire Wires Electronic Funds Transfer (EFT) 52

Stax

APRIL 23, 2024

Most small business owners and employers are turning to ACH payments instead paper check payments because of the ease and instant access the ACH network provides. ACH transactions provide a quick and easy way to pay employees, submit and retrieve tax returns, and automatically control your finances within 1-2 business days.

ACH 88

ACH Direct Deposit ACH Network Wire Transfer 88

Fintech Finance

JULY 12, 2024

In its most recent update in October 2023, the Financial Stability Board reports there is a shortfall against G20 targets in the proportion of retail services that make funds available to the consumer in an hour (42% vs target of 75%) and in one business day (76% vs target of 100%).

Cross-Border 117

Cross-Border Real Time Payments Cross-Border Payments Cross-Border Settlement 117

The Fintech Times

OCTOBER 28, 2024

Neil Richards , general manager business funding at Dojo, comments: “Dojo’s partnership with YouLend has enabled Dojo to help SMEs thrive in the experience economy. ” Following the £1billion milestone, the two fintechs plan to further scale their partnership and expand business funding to new European markets this year.

Embedded Finance 63

Embedded Finance Small Business Finance On-Demand 63

EBizCharge

NOVEMBER 21, 2024

While payment timelines can vary depending on the financial institution and transaction type, business days are typically when most payment activities occur since most don’t process payments on weekends or public holidays. For example, ACH payments have an effective date of two to three business days post-transaction.

Procedures 52

Procedures Mitigation Payments Wire Transfer 52

Fintech News

OCTOBER 27, 2024

Both FIs and telcos will conduct concurrent and independent investigations, with a target of completing straightforward cases within 21 business days and more complex cases within 45 business days. Investigation Stage: FIs lead the investigation, coordinating with telcos if SMS-based scams are involved.

Phishing 129

Phishing Scams Blocks Authorization 129

Stax

JUNE 27, 2024

Additionally, ACH payments are processed in batches and take a few business days (though they’re usually cheaper), whereas wire transfers are processed individually and can be completed within the same day. These batches take up to a few days to get processed.

Wire Transfer 88

Wire Transfer Wire Wires ACH 88

The Fintech Times

DECEMBER 1, 2024

” Send like a local HSBC’s ‘Global Money Transfers’ offering looks to enable customers to ‘Send Like a Local’ with same-day or next-business-day delivery to most destinations through its mobile banking app.

Cross-Border Payments 58

Cross-Border Payments Cross-Border Multi-Currency Wire Transfer 58

Fintech News

JULY 1, 2024

The framework also includes a redemption mechanism that assures holders the right to redeem their stablecoins for equivalent fiat currency within five business days of a legitimate request.

Stablecoins 109

Stablecoins Regulations Audit Issuers 109

Finovate

OCTOBER 16, 2024

The digital bank created Team to serve businesses that are too large to have their needs met by either the Pro or Lite plans. “With Team, we’re bringing that to bigger small businesses by introducing features that teams need to help run the business day-to-day,” the company said in its blog post announcement.

Small Business 52

Small Business Payee Debit Card Credit Cards 52

Fintech Finance

NOVEMBER 12, 2024

reduced the time it took to create business requirements from the standard 25 business days to 45 mins with two hours for human review and edits, delivering a 99.5% In trials with a tier one bank struggling with the new SEPA Instant Payments Regulations, AnalystAccelerator.ai time saving.

ISO 20022 86

ISO 20022 AI FedNow RTP 86

Payment Savvy

SEPTEMBER 5, 2024

This whole process usually takes one to two business days. Typically, an ACH deposit takes 1 to 3 business days to go through. If an ACH deposit is started on a Friday or just before a holiday, you might not see the funds until the next business day. One major change is the move toward faster payments.

ACH 52

ACH ACH Network Wire Transfer Direct Deposit 52

Nanonets

MARCH 20, 2023

Although ACH transfers are reasonably fast, they are not instantaneous, and it usually takes 3-5 business days for the funds to be transferred. The time of day and day of the week also affect the transfer time, as well as the type of ACH payment. There are also Next Day ACH transfers and Same Day ACH transfers available.

ACH 52

ACH Same Day ACH ACH Network NACHA 52

The Payments Association

NOVEMBER 29, 2024

PSD2 guidelines require issuers to contact credit cardholders on the next business day in cases of fraud disputes, so solutions that communicate with account holders in real-time will protect revenue streams and facilitate meaningful customer relationships.

Disputes 88

Disputes Issuers Card Issuer Payment APIs and Integration 88

Fintech News

JANUARY 15, 2024

Furthermore, Fetch positions itself as a cost-effective solution for smaller businesses by offering industry-competitive rates and fast settlement times. Fetch enables SMEs to accept card and cryptocurrency payments more quickly and efficiently, with the potential for settlements as fast as the next business day.

SARS 102

SARS Settlement Payments Cryptocurrency 102

Neopay

APRIL 8, 2024

Under the forthcoming legislation, PSPs will have the authority to delay outbound payments for up to four business days if there are reasonable grounds to suspect fraud or dishonesty. This extends the current requirement, which mandates crediting the transaction amount to the payee’s account by the end of the next business day.

Service Provider 52

Service Provider Due Diligence Fraud Prevention Payments 52

Fintech Finance

SEPTEMBER 23, 2024

Over the course of a month, this new process is saving the McLaren Racing finance team half a day of work. In addition, previously, the McLaren Racing finance team experienced slow transfer speeds – two to five business days – and high transfer fees when paying their international suppliers in US dollars (USD).

Cross-Border Payments 85

Cross-Border Payments Cross-Border Technology Multi-Currency 85

PYMNTS

SEPTEMBER 15, 2020

The new "Instant Payments" offering lets employers fund payroll in close to real time, eliminating the lag between when funds leave an employer's account and when those funds arrive in employees' accounts, which Square says can stretch to as much as four business days.

Payroll 102

Payroll Instant Payments On-Demand Direct Deposit 102

Nanonets

APRIL 13, 2023

Banks would compile ACH transfers onto tapes once per day, and ship the tapes to the clearing house to have the transfers distributed to the banks they are meant to go to. The clearing house was operated by people on business days only. There are also Next Day ACH transfers and Same Day ACH transfers available.

ACH 52

ACH Same Day ACH NACHA ACH Network 52

FloQast

APRIL 7, 2024

With the close taking up to eight business days per month, CFOS must understand efficiency challenges and identify opportunities to speed up and streamline close tasks for optimal performance. In this article, we will look at best practices for enhancing your close and how automated software tools can help you reduce completion times.

Best Practices 52

Best Practices Reconciliation Close Processes Automation 52

Fintech Finance

JULY 25, 2024

Today, that value is exceeded almost daily, with USD $3 billion becoming an increasingly common occurrence: There have been more than 100 business days that have exceeded $3 billion in payment approvals via the CashPro App. The largest single-day of payment approvals via the app exceeded $11 billion, which occurred in December 2023.

Online and Mobile Banking 104

Online and Mobile Banking Payment APIs and Integration Payments Volume 104

The Fintech Times

NOVEMBER 14, 2024

It reduced the time it took to create business requirements from the standard 25 business days to 45 minutes. In a trial, AnalystAccelerator.ai was successfully used to help a tier-one bank struggling with new SEPA Instant Payments Regulations. It also allowed for two hours for human review and edits, delivering a 99.5

ISO 20022 58

ISO 20022 AI FedNow RTP 58

Fintech Finance

JULY 30, 2024

WorldFirst has also expanded one-business-day settlement capability to cover 90% of all World Account transactions, providing SMEs worldwide with speedy payments to increase turnover and save on costs. In 2023, China was the largest import destination for both the UK and the European Union. In the U.K.

Cross-Border 83

Cross-Border Business Payments Accounts Cross-Border Payments 83

The Fintech Times

SEPTEMBER 10, 2024

a European financial services provider, has launched a cloud-based, API-first platform designed to streamline businesses’ day-to-day payment operations. ’s Payment Accounts solution offers multi-currency support, enabling businesses to manage EUR, USD, GBP and other currencies seamlessly.

Cross-Border 58

Cross-Border Transactions Accounts Multi-Currency 58