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Chime’s Expanding Banking Services Menu

PYMNTS

When Chime ’s Co-founders Chris Britt (CEO) and Ryan King (CTO) first set out to start a web bank, it was with one idea in mind: offering middle-class consumers a good deal. Chime also offers no-fee paycheck advances that make funds available to workers as soon as the deposit is initiated by the payroll provider and the bank is alerted.

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The Big Tech Canary In The Faster Payments Coal Mine

PYMNTS

The letter highlighted that access to the payments systems today is only possible through incumbent intermediaries – the banks and the card networks – which have not kept pace with the needs of consumers and businesses. It flew in on Dec. 14, the Friday before the week before Christmas, so you might not have noticed.

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Visa, Wave Team To Bring Instant Payouts To Micropreneurs

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Until recently, “now” was almost never an option, since it was always based on when the funds had cleared, regardless of how that payment was made. Now, Wave’s small business customers can access their sales instantly, using Visa Direct rails and their debit cards. “When do you want to get paid?”

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Faster Payments: Does The Fed Have A Hidden Agenda?

PYMNTS

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. And finally, that the banks and the card networks are the big losers.

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When Instant Payments Are Just Payments

PYMNTS

Driven by faster phones, ingenious apps and sheer market force, the move to instant is pushing the boundaries of what’s possible with payments, opening up new worlds of risk and reward. It’s been definitively shown that businesses and individuals will pay reasonable fees or percentages to receive their funds instantly.

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 Modo’s COIN of the Realm                 

PYMNTS

Modo’s COIN technology knocked down this wall and enabled Verifone’s Points Redemption Network to work in tandem with FIS’ Premium Payback Network, to allow consumers to pay with loyalty points linked to their credit or debit cards at checkout, in real time. All you have to do is connect the dots for all the different stakeholders.”.

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Bridging The Gap Between Appearance And Reality Of Instant Payments

PYMNTS

What the customer does care about is the experience — how fast the funds came, how quickly they were available for use, whether they ended up in an account where the consumer could make instant use of them and whether they could choose how to receive those funds. Consumers, not so much.