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Banks can't be counted on to lead faster payments

Payments Source

Banks don't compete with each other enough to effectively lead the move to faster payments in the U.S., argues CMSPI's Mark Horwedel.

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Faster Payments And The Fed, Two Years On

PYMNTS

The year 2020 looms large in the payments realm, marked off by the Federal Reserve as the year faster payments are to be truly commonplace, available to U.S. Over the course of the next nine to 12 months, the Fed will be conducting a formal assessment of real-time settlement needs, with a focus on a retail payments environment.

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Bank Of England Plans Panel To Standardize Payments Messaging

PYMNTS

continues its move to adopt the ISO 20022 payments messaging standard, the Bank of England is reportedly planning to create a panel aimed at streamlining the adoption of the standard for more efficient payments in the country. payment ecosystem, including APIs for the financial services space. As the U.K. ” .”

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Cayan Deals SMBs A Faster (Payments) Hand

PYMNTS

However, as the rules of retail payments continue to change, it’s increasingly the smallest retailers that are seeing sales lost to nothing but their inability to keep up with the technological trends. A rising tide lifts all boats — or, at least, it’s supposed to.

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UK Continues Payments Industry Consolidation

PYMNTS

. “The Cheque and Credit Clearing Company has developed a tremendous amount of trust in payments through the robust and secure exchange of checks and credits over 30 years, and is now revolutionizing the way checks are cleared through the ICS,” said NPSO Chief Executive Paul Horlock in a statement.

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EXCLUSIVE: Bank of England’s CHAPS Payments System Goes Down – The Payments Industry Reacts

Fintech Finance

Retail payments, such as ATM and card payments, remained unaffected. The New Payments Architecture (NPA) by Pay.UK If you are concerned about a CHAPS payment you plan to make or receive today, please contact your bank, or other payment service provider.

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Payments’ Half-Year Progress Report

PYMNTS

Faster Payments Won’t Just Be About Speed. At the start of the year, the narrative around a new set of payments rails in the U.S. Every mandated faster payments initiative worldwide was predicated on the need for speed – not just faster but in real-time. was all about the need for speed.