Faster Payments

Interchange galvanizes the attention of regulators around the world like iron filings to a magnet. Everyone in card payments watches their moves closely because of its economic impact on merchants, card networks, issuers, acquirers and, in theory, consumer pricing. European regulators are among the most recent to weigh in. Based on the EU’s Multilateral Interchange […]

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Sending money in real-time is a capability that is growing around the world. “All bank” systems in the UK and Mexico are thriving. Mobile money services like M-Pesa are changing economies and individual lives in developing countries. But in the US, “things are complicated.” We have a crowded landscape in the US without, as in […]

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Last year we expanded our Payments Boot Camp program to include a series of one-day workshops that give us an opportunity to dive a little deeper into a topic to share our experience and insights in a more interactive forum. And no topic has as much “real-world” demand as Global Payments. It’s a broad area […]

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You may have heard about the Reserve Bank of India’s decision to create a new category of “payments banks”. Recently, the Reserve Bank of India approved 11 applicant institutions (out of 41 who had applied) to start the process of becoming licensed. The group includes telcos, non-bank financial institutions, retailers, entrepreneurs and the Department of […]

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We’ve spent so much time the past several years obsessing about how mobile proximity payments would be deployed in the U.S. and the rest of the developed world. Now we know. This week, Apple Pay celebrates the first anniversary of its launch, and a new generation of payment-enabled iPhones will be announced. Later this month, […]

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This week, I began an important new assignment. I am now the CEO of the International Payments Framework Association (IPFA). If you haven’t yet heard of it, the IPFA provides rules, standards, operating procedures, and guidelines to improve cross-border payments. It’s now five years old and moving into the next, exciting, and supercharged phase of payments […]

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Over the past few weeks I’ve had a chance to talk about the prospects for faster payments in the U.S. with representatives from both The Clearing House and the Fed.  Both groups, as I’m sure you know, are actively working the space: the Fed with its ongoing Payments Systems Improvement initiative, now with a number of task […]

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The Federal Reserve’s recent announcement that it would not build a new payment rail for processing faster payments created some disappointment for many who are unsatisfied with our country’s current payments system capabilities. In a welcome move, The Clearinghouse (TCH) has announced its intention to fill this void and build new real-time “rails”. There are, […]

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In this interview with Glenbrook’s founding partner Carol Coye Benson, we discuss the prospects for a faster payments system in the US. Responding to the October 22 announcement by The Clearing House, Carol expresses her caution and hope for ways to accelerate replacement of today’s system for credit push payments.

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I’m just back from Boston and the marathon known as Sibos 2014. In a post earlier this week, I shared a couple of observations from the show floor and the conference sessions. Now that the conference has closed, I’m thinking about the themes that spoke to me. And, this year, I didn’t get the sense […]

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Faster Payments May Get Here Faster than We Thought Some of you may know that I’ve been an ardent advocate for a faster-payments infrastructure in the United States. I’ve been closely following the Fed’s process towards payments system improvements. On Thursday in San Francisco, I attended one of the Town Hall meetings they’ve been holding to […]

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NACHA recently announced plans for a phased introduction of same-day settlement for ACH.  I spoke with NACHA President and CEO Jan Estep this morning about the initiative. First of all, I congratulate Jan – and the ACH community – for picking up the fallen banner, for as we know, a previous version of this was […]

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Recently I shared my views about the developments underway in the mobile and payments space in Latin America. In that story, I address how individual countries are taking big strides toward reshaping their national payments landscape. Another remarkable, and equally little known, story is happening in southern Africa where the payments infrastructure in 15 countries […]

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What’s the difference between card acceptance and a deposit? In both cases, money is being delivered into a merchant’s bank account – in fact, a purist would point out that a deposit actually is the last stage of card acceptance for a merchant. But consider instead a different kind of deposit – something that is […]

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Are you a payments geek?  You might be interested to hear what your peers think about immediate funds transfer (IFT). The recent 2013 NACHA Payments Conference was full of interesting conversations and panels and the hottest topic was (IFT). I counted no fewer than four panels on the subject, including the one I organized with […]

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