Latest news with #instantpayments
Finextra
a day ago
- Business
- Finextra
Is Now an Exciting Time for European Instant Payments Progress?
While attending EBAday 2025 in Paris, Sheri Brandon, Global Head of New Business, Worldline, joined the FinextraTV studio to talk about how instant payments have evolved over the last year. Defining the landscape as exciting within European payments, Brandon explained how progress is being made more significantly, especially within interoperability in the face of SEPA deadlines. On top of this, Brandon gave her predictions for future developments and how to stay ahead of rising fraud threats.
Forbes
3 days ago
- Business
- Forbes
Financial Institutions Can Align With Businesses On Faster Payments
Reed Luhtanen is the Executive Director of the U.S. Faster Payments Council, a membership organization focused on advancing faster payments. What is good for the goose is good for the gander, right? What is good for one, is good for all? In some instances, this might be the case, but not when it comes to faster payments and what businesses need to support faster payments adoption. Faster payments adoption by both businesses and financial institutions has been steadily climbing over the past five years. In 2019, the Faster Payments Barometer revealed that less than half of industry organizations had adopted some form of faster payments. Fast forward to 2025, and 80% of respondents to this year's study consider faster payments a 'must have.' Take, for instance, financial institutions. Not only have they adopted faster payments, but they are leveraging multiple channels to do so. In fact, the 2025 Faster Payments Barometer showed that nearly 90% of financial institutions have or plan to implement FedNow; nearly 64% have or plan to implement RTP; and over 55% have or plan to implement Zelle. Additionally, among the financial institutions that have implemented instant payments, 58% implemented both FedNow and RTP. And new developments are forthcoming: More than 90% of planned faster payments implementations will occur in the next two years. Businesses, too, are interested in faster payment solutions—with 66% reporting they are likely to use instant payments if offered by their primary financial institution. However, their adoption of faster payments has not advanced at the same pace. A recent report indicated that only around 40% of large businesses are using RTP, demonstrating that the rate of adoption by businesses remains slower when compared to financial institutions. This differential stems from a disconnect between financial institutions' priorities and businesses' needs. Consider that the 2025 Faster Payments Barometer revealed that financial institutions are most interested in offering faster payments for person-to-person (P2P) payments, bill payment and payroll, while businesses hope to leverage faster payments for e-commerce, point-of-sale transactions and supplier/invoice payments. Similarly, there is a sharp contrast between the challenges experienced by both audiences. Financial institutions grapple with the high implementation costs, with roughly 60% citing this as the top challenge, while only 38% of nonfinancial institutions do. For nonfinancial institutions, the top challenge is a lack of ubiquity and interoperability (60%), while only 36% of financial institutions see it as a challenge. This disconnect also contributes to businesses' dissatisfaction with the progress of faster payments: Less than 30% of businesses feel as though the United States is making satisfactory progress toward a faster payments future. Yet, while discontent may exist, businesses still believe in the value and benefit of faster payments. Sixty-seven percent consider faster payments a must-have. From cost savings and increased cash flow to enhanced customer service and greater efficiencies, the value prop for business adoption is obvious. And as a key facilitator of faster payments, financial institutions can serve as the conduit to deliver the faster payments experience businesses want and need. Financial institutions need to consider ways to better engage their business audience while not losing sight of institutional priorities. For instance, bill pay is a use case important to financial institutions. And request-for-payment (RfP) is the most important enhanced offering cited by nonfinancial institutions. As the key player in connecting billers and customers through banking platforms, financial institutions can focus efforts on enabling RfP for business customers, meeting business needs while enhancing the bill pay offering. Implementing RfP also supports businesses' desire to use faster payments for supplier/invoice payments. Even businesses' desire for interoperability is something financial institutions can work toward supporting (and already are). By adopting both RTP and FedNow, financial institutions play a role in growing the overall faster payments ecosystem. By doing so, they increase the number of end points able to access faster payments, growing the opportunity for interoperability. Additionally, by offering both platforms, financial institutions provide businesses with greater reach to the customers they are seeking to serve, aiding in meeting their desire for a more universal, faster payments experience. When it comes to faster payments, financial institutions and businesses have different priorities and concerns. But those differences do not have to divide the two audiences. By understanding the needs of businesses, financial institutions can realign efforts to meet businesses' needs while remaining steadfast in addressing organizational goals and objectives. So, what is good for the goose might not necessarily be what is good for the gander, but through understanding, both the goose and gander—financial institutions and businesses—can agree upon solutions to advance faster payments in the United States. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. 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Yahoo
4 days ago
- Business
- Yahoo
Comerica Bank Ushers in New Era of RTP® Through New On-Behalf-Of (OBO) Payment Solutions
Comerica Bank and client Monex USA work together to introduce new OBO capabilities. DALLAS, June 16, 2025 /PRNewswire/ -- Comerica Bank "Comerica" announced it will become an early adopter of The Clearing House's revised rules for domestic On-Behalf-Of (OBO) payments on the RTP® network, the largest and most utilized instant payments network in the United States operated by The Clearing House. Comerica Bank, and its client Monex USA, a leading provider of international payments, corporate FX and currency risk hedging services, took part in one of the first OBO payments under the revised rules, reinforcing Comerica's dedication to delivering instant payment solutions designed for speed, efficiency and flexibility for both direct and indirect customers. OBO payments are RTP transactions originated by a sender to make a payment for another person (i.e., on behalf of that other person). The sender is the titled owner of the account from which the RTP payment is sent. The new rules replace existing requirements for Payment Service Providers and apply more broadly to intermediated RTP activity, introducing a consistent framework focused on payment transparency, due diligence, risk management and fraud reporting obligations. "Introducing this new capability is a testament to Comerica's commitment to providing our customers seamless, on demand access to funds, both for themselves and their own customers," said Allysun Fleming, Comerica Bank Executive Director of Payments. "RTP OBO payments unlock real-time disbursement use cases at scale, such as payroll and benefits, marketplace payouts, embedded payments, and more. We are excited to participate in an ecosystem that enforces transparency of funds." A comprehensive risk management framework for OBO payments on the RTP network broadens the benefits of RTP payments through enhanced oversight of intermediary payments providers. Through the new requirements, the RTP network strengthens participants' ability to manage risk for growing payment use cases and will increase momentum for the 24/7 real-time payment network that already processes more than one million transactions per day for more than 950 banks and credit unions. "Comerica was one of the first banks to join the RTP network and they continue to be an instant payments early adopter by offering OBO capabilities to customers," said Jim Colassano, Senior Vice President of RTP Business Product Management at The Clearing House. "We are excited to see how Comerica will utilize OBO payments to provide innovative capabilities to its customers, such as Monex USA." Monex USA is a digital payments platform designed for managing foreign currency and global transactions securely and conveniently. RTP OBO payments for domestic transactions will enable Monex USA to facilitate instant payments at scale, greatly simplifying their operational process and providing enhanced transparency end to end. "As Monex USA deepens its investment in advanced payment systems to harness the intersection of technology and digital commerce, RTP strengthens our value proposition by delivering not only speed, but also greater control and transparency – empowering clients with real-time insights and enhanced decision-making capabilities," said John Doyle, CEO of Monex USA. The introduction of OBO payments is part of Comerica's efforts to deliver real-time financial tools and solutions aimed at supporting businesses and enhancing the customer experience. For more on Comerica's payment solutions, visit About Comerica BankComerica Bank, a subsidiary of Comerica Incorporated (NYSE: CMA), is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on Aug. 17, 1849, in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 15 states and services 13 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $77.6 billion at March 31, 2025. Learn more about how Comerica is raising expectations of what a bank can be by visiting and follow us on Facebook, X, Instagram and LinkedIn. About Monex USAMonex USA has provided corporate clients with industry-leading foreign exchange and international payment solutions for over 25 years. Monex USA is part of the wider financial services group controlled by Monex S.A.P.I. de C.V. (formerly Monex S.A.B. de C.V.) ("Monex"), a global investment-grade financial services institution. Founded in 1985, the Monex Group is a global financial services organization that services more than 70,000 clients worldwide. In 2024, Monex managed US $309 billion in deliverable FX trades and US $11.1 billion worth of assets. Through its subsidiaries, the group offers financial services in key financial centers worldwide throughout North America, Latin America, Europe, and Asia, and employs over 2,800 people globally. As part of the Monex Group, Monex USA is headquartered in Washington, DC, with offices in New York City and Beverly Hills. Learn more at About The Clearing HouseThe Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation's most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. In 2017, The Clearing House revolutionized U.S. payments by introducing the RTP® network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at View original content to download multimedia: SOURCE Comerica Bank
Finextra
09-06-2025
- Business
- Finextra
Cross River signs Plaid as first customer for new Requests-for-Payments feature
Cross River Bank ('Cross River'), a technology infrastructure provider that offers embedded finance solutions, announced the launch of Request for Payment (RfP), a transformative addition to its growing suite of instant payment capabilities. 0 The capability will streamline inbound money movement and enhance funding agility across the Real-Time Payments (RTP)® network. Plaid will be the first to implement the feature, unlocking instant purchases through its bank payments platform, Plaid Transfer. A leader in instant payments and an early adopter of the RTP® network, Cross River moves over $1 billion monthly in real-time disbursements across RTP® and FedNow combined. However, while outbound payments have become instant, inbound funding has lagged — dependent on ACH and wire transfers that operate on batch processing and limited banking hours. Now, Cross River will be one of the first financial institutions to support RfP on the RTP® network, paving the way for faster and more reliable pay-in options. 'The current reality of money movement is imbalanced — payments go out in seconds, but pay-ins often take a day or more,' said Adam Goller, EVP and Head of Fintech Banking at Cross River. 'RfP is a smarter, more flexible way to receive incoming funds. It gives our partners greater control over timing, real-time visibility into each transaction, and reduces the need for overfunding or constant balance monitoring — all while delivering a better experience for the end user.' RfP allows businesses to send a secure, digital request for payment — enabling payers to authorize and send funds instantly with greater control, a significant step forward in streamlining the payment experience and reducing friction in how money moves. With RfP, businesses will be able to instantly fund digital wallets and accounts, reduce operational friction from delayed deposits, and improve customer experience with smooth, real-time pay-in options. Plaid, the first to implement RfP functionality with Cross River, will enable real-time pay-ins for Carvana customers. This integration allows car buyers to complete purchases instantly and seamlessly — eliminating the friction typically caused by traditional bank transfers. 'Instant payment rails unlock huge value for businesses and end customers by reducing friction, accelerating funding, and boosting conversion,' said Brian Dammeir, Global Head of Payments and Financial Management at Plaid. 'Through our partnership with Cross River, Plaid Transfer now offers instant pay-ins, instant payouts and Same Day ACH, as part of a full solution with best-in-class account linking and optimized conversion, so customers can tailor bank payments across their business.' Built on Cross River's proprietary API-based banking core infrastructure, COS, the RfP solution was developed with security, transparency, and compliance at its core. Each RfP is presented to the recipient by the receiving financial institution for explicit authorization, ensuring full control over every transaction. This adds a critical layer of security and trust, while improving the user experience on both ends of the exchange. Cross River is continuing its mission to modernize financial services and provide real-time tools that reflect the pace of today's economy. This new capability reflects Cross River's commitment to building a more inclusive and modern financial system — where speed and safety go hand in hand.
Finextra
29-05-2025
- Business
- Finextra
EBAday 2025: What's next for instant payments?
Two expert panels at EBAday 2025 explored what makes an effective implementation plan, the persistent global and regional challenges, and the growing benefits of instant payments. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Future proofing instant payment adoption In the panel session 'Instant payment adoption: future-proofing our business', speakers Antoine Cuypers, director strategic alliances & key accounts, Intix; Daniel Stanton, managing director & global head of transactional FX - cross border RTP and clearing - global payment solutions, Bank of America; Jonny Keir, head of payments execution, NatWest Group; Kevin Flood, head of European growth office, FIS; and Sophie Giorgi, head of payment systems and infrastructure relationships, Crédit Agricole, discussed what constitutes a good implementation plan for instant payments, moderated by Jude Pinto, chief delivery officer, Payments Canada. Pinto began by posing a question to the panelists on the starting points that had to be overcome for adoption. Cuypers mentioned the regional discrepancies in adoption, 'there's a bit of discrepancy between adoption in different regions, interpretation on adoptions, different rulebooks etc, there are regions really looking into the cross border elements, whereas other regions are purely focused on their own domestic payments'. Flood highlighted the impact of regulations on the push for innovation in Europe. 'I don't want to wait for something to clear out. I don't want to wait for my transport transaction or the movement I want to see. I think regulations help push it. I think some of them open up opportunities'. Giorgi further commented, 'after the success of the SEPA, they really wanted to launch a new payment which would be real time and now the regulation is coming, we are on the way, and I think next year we will see the success'. On the importance of customer trust, Keir explained 'from a national payments provision perspective, there's a huge focus around customer choice. You can have the best technology in the world, but unless you have a customer proposition that is embedded, that is state of literary, that is low friction, then you won't.' Stanton then emphasised the consumerisation of client expectations, 'adoption and interest is really being driven by customer demand and supply, what we refer to as the consumerisation of client expectations. We are all consumers as individuals, and we have this instant gratification aspect to who we are, so instant access of information, instant availability of value.' The panel concluded on the need for data sharing to facilitate collaboration among financial institutions, summarising the importance of producing payments in a secure and relevant manner. The advantages of instant payments The following panel 'The advantages of instant payments', was moderated by Christophe Vergne, Europe market development executive payments, Capgemini. Speakers included: Andrea Pennacchia, head of banking and PA solutions, Nexi; Conor Colleary, senior vice president, Oracle Financial Services; Elena Gomez, managing director UK and Europe and domestic payments head, Citi Services; Helena Forest, executive vice president - global product & commercial - real time payments, Mastercard; and Martin Runow, head of European product TxB, Goldman Sachs Bank Europe. Vergne kicked the session off on emerging market success stories. Forest highlighted Thailand as a successful market example with strong government support and the introduction of digital ID for interoperability. Forest further commented, 'what we've learnt from the 12 markets we support today is there isn't one solution that fits all. Countries are at a different starting point of their journey. They pursue a slightly different agenda as part of that adoption, and operate in different regulatory as well as just general ecosystems when they started this journey. All these factors play a significant role in the success criteria needed to secure growth.' From a European perspective, Gomez explained: 'It's incredibly important the network is able to support volumes that are 24/7 and fully reliable, as reliable as the other rails already in work. Obviously the demands of instant payments are very different to the demands of batch payment, so these roles are incredibly strong at a clearing level and also at a bank and individual operating level.' Although banks face challenges in adapting to instant payments, Pennacchia viewed this as a valuable opportunity to upgrade systems, with regulation being used a tool: 'I see, and we see in our clients, this is an opportunity because instant payment is now very important for banks, so investments are upgraded. This is the opportunity for banks to launch or relaunch the evolution of their payment systems. I think rules sometimes help and force the market to change,' said Pennacchia. Vergne moved the conversation onto the importance of merchant adoption, and the need for seamless integration of instant payments with existing systems. Colleary highlighted the importance of embedding instant payments within ERP systems, 'bring the service to where your customers are, not just at the merchant, but embedding the service within ERP systems to allow instant payments directly from where they're actually doing their business.' Runow emphasised the challenges of changing legacy systems: 'If I get a better service for the same price, naturally, I'll take the better service, but if the better service involves changing the core of my suppliers and data setup, it becomes a different story. With corporates and corporate treasurers, change management, resources, IT budgets, are very precious. The more high tech and fast growing the company, the less the Treasury function gets any of that money, so changes are hard work, as an industry we see a lot of inertia.' Finally, Verge concluded with the importance of understanding specific market contexts: 'There is no one future solution, no silver bullet, no single strategy that could be rolled out across four geographies. It's about understanding specific context of the different markets, listening to the clients, and finding value propositions.'
