Remove Instant Payments Remove Irrevocability Remove Payee
article thumbnail

When Instant Payments Are Just Payments

PYMNTS

Rarely do consumers and businesses agree on anything as much as they have on instant. Now, legacy FIs and a host of other players are scrambling to get a piece of the instant money action. Inspecting the “up-and-to-the-right” growth curve of instant payments , it’s no shock how many players want in. Making Money Fast.

article thumbnail

Eastnets Partners With iPiD to Reinforce Protection Against Financial Fraud

Fintech Finance

This collaboration will enhance the security and efficiency of payments for banks, corporates, and other financial institutions, reinforcing the protection of their customers and suppliers against financial fraud globally. This service is vital for ensuring the accuracy of instant payments, where funds are irrecoverable.

Payee 52
article thumbnail

What Check Fraud Can Teach Banks About Preparing For The Instant Payments Future

PYMNTS

It’s why he is emphatic that understanding the “how” of check fraud via digital channels like mobile remote deposit is what will ultimately lead banks to the “why” and “why now” of instant payments. Unlike checks, instant payments is, well, instant – and irrevocable. The Whole New World of Check Fraud.

Checks 65
article thumbnail

Bridging The Gap Between Appearance And Reality Of Instant Payments

PYMNTS

For senders, delivering that experience means more than just moving money faster into bank accounts or digital wallets — it is also about offering the payment choices that create ubiquity for the consumers on the other end of the transactions. From the Appearance of Instant to the Reality of Instant.

article thumbnail

Deep Dive: The Benefits And Challenges Of Real-Time Push Payments

PYMNTS

Pull payments do carry risks for both merchants and payers, however. Account holders who provide authorization do not necessarily know when payees will withdraw the promised funds and may not remember to keep enough money in their accounts to cover the costs. Push payments do not carry the same risk and tend to be quicker.

Payer 67
article thumbnail

Why Slow Payments Aren’t Necessarily Safer Payments

PYMNTS

As of late 2019, there are few people left who need to be talked into the “why” of instant payments — that case has already been well made. There’s financial risk, and making sure the payee who ends up in possession of the funds is the intended recipient. “But The payment is irrevocable, and can’t be clawed back.

article thumbnail

Survey: Real-time Payments Fraud Up for 4 out of 5 APAC Banks

FICO

There has been a proliferation of real-time payments fraud, as new near-instant payment platforms, including person-to-person (P2P) transfers and mobile payment platforms grow across Asia Pacific. . Real-time Payments Fraud: Time For Convergence.