Last week’s news that MasterCard was exploring an investment or outright acquisition of VocaLink really lit up the “News” channel on our Slack system at Glenbrook. For those unfamiliar, VocaLink is a company currently owned by 17 large U.K. financial institutions, which operates the U.K.’s main ATM network (Link), its ACH-equivalent system (Bacs), and most […]
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 […]
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.
Today, The Clearing House’s CHIPS wire payment system is 40 years old: ancient for an electronic payment system. It is one of two wire payment systems in the United States; the second is FedWire operated by the Federal Reserve. Wires constitute a relatively small number of US payment transactions but they account for the vast […]
My previous post on Wells Fargo's mobile banking for corporates was very popular, so I imagine Forte Blog readers will be interested in these recent updates to WF's CEO Mobile service: Wires: CEO Mobile users now can initiate and approve wires from wherever they are and are no longer tied to their PC in the […]
[This is just one of my series of posts from the NACHA Payments 2008 conference in Las Vegas.] Remittance Standards for Wire Payments [NACHA Payments]Hank FarrarSenior Vice President, CHIPSLauren HargravesSenior Vice President, Federal Reserve Bank of New YorkJames WillsBusiness Manager, Standards, SWIFT Synopsis from Conference Program Three payments industry utilities have teamed up to foster […]
In response to "unambiguous corporate demand" the Federal Reserve announced plans to incorporate remittance data into wire payment formats by the end of 2010. This is a major milestone in the migration of business-to-business (B2B) payments from electronic to paper and addresses a long term headache for corporate finance. Business payments remain stubbornly paper based […]