Check out the article from pyments.com regarding the use of AI and other machine learning systems to increase the efficiency of online payments! What do track and field stars, NASCAR drivers and millions of businesses owners around the United States have in common? They all have an appreciation for speed. While more speed may mean…
Digital wallets and P2P payments are fast becoming table stakes for banking providers that want to remain relevant with today’s digital consumers. But which one should your financial institution offer? Multiple studies conclude younger generations know about mobile payments, but don’t care much about them — a service such as Venmo being the rare exception. After…
After six years, the big banks have finally debuted “Zelle,” their competitor to Venmo that works inside the apps of participating banks. Zelle is meant for casual person-to-person payments, like paying someone back for dinner or splitting a utility bill. All you need to send money to someone is their email address or phone number. If this sounds like Venmo, that’s because it is very similar in functionality.
NACHA—The Electronic Payments Association®, the steward of the ACH Network, has announced the launch of Same Day ACH for debit payments. Same Day ACH is a faster payments option that reaches all U.S. bank accounts and enables businesses and consumers to send and receive payments and payment-related information on the same day through the ACH Network.
The Single European Payments Area (SEPA) has revolutionized the world of the European payments market and made the entire process much smoother and less risk-oriented. The transfer of payments can be an extremely challenging task at times, especially if there are a lot of currencies involved.
Since its founding in the 1970s, SWIFT Code technology has fundamentally changed the banking industry and is now the gold standard for international transactions. Millions of international payments are sent using this system, bringing immediate benefits to financial institutions and their customers worldwide.
In Nevada, the Department of Employment, Training and Rehabilitation seeks comments on a proposed amendment to the administrative code that would require all employers to electronically file unemployment insurance contribution and wage reports, effective July 1, 2018. If the amendment is adopted, Nevada would join 19 states that require electronic filing for unemployment insurance for employers in 2018.
The National Automated Clearing House Association will be implementing Phase 2 of the new ACH processing rules. This rule change will address the posting process for withdrawal transactions. Effective September 15, 2017, electronic (ACH) withdrawal transactions may post to your account on the same day they are initiated.
In Q2 2017, the ACH Network transferred 5.3 billion Direct Deposits and Direct Payments, up 5.8 percent over Q2 2016. In value, the Network moved $11.6 trillion, an increase of 7 percent over the second quarter of 2016. This quarter, native electronic payments grew 7.4 percent, while check-initiated payments continued its decline in use, decreasing 10.5 percent.
In late July, a Federal Reserve task force asked to make faster payment solutions available for all consumers and businesses from the U.S. Financial System. Check out some of the latest updates from this request, below. The Federal Reserve Faster Payments Task Force issued a final report that recommended a framework for rules, standards and…