Category: Fintech

Real-Time Payments In U.S. Marks Fifth Year — FedNow Coming In July

Real-Time Payments In U.S. Marks Fifth Year — FedNow Coming In July

To mark the fifth anniversary of real-time payments in the U.S. The Clearing House (TCH) and Jack Henry launched a flurry of statistics which cast a bit of an obscuring haze over the topic. TCH says its RTP network reaches 62% of all demand deposit accounts in the U.S. and 85% of insured depository institutions […]

Real-Time Payments — Banks Move From Faking It To Real-Time Settlement

Real-Time Payments — Banks Move From Faking It To Real-Time Settlement

“Banks and networks have faked real-time by creating a real-time experience even if it is not gross settlement in real-time,” said Jennifer Lucas, EY Americas payments consulting leader. Banks and some payment providers have made payments appear to be real-time because they provide good funds to the recipient even before the payments settle — that’s […]

Auto Dealers Can See Sales Revenue Even Before A Car Leaves The Lot

Auto Dealers Can See Sales Revenue Even Before A Car Leaves The Lot

U.S. Bank is using the Real-Time Payment (RTP) network to deliver funds to more than 6,000 auto dealers immediately, so when a customer pays with a loan, the sale hits the dealership’s bank account in real time. “While the traditional ACH payment method for funding auto loans can take several days – especially when sales […]

Banks Need Digital Business Transformation To Thrive (Survive?)

Banks Need Digital Business Transformation To Thrive (Survive?)

With the average return on equity (ROE) for the top 250 banks globally (by total asset) was at 6.29% in 2020, digital transformation to improve customer service and reduce costs is imperative, according to a report from the Banking Industry Architecture The average (ROE) for the top 250 banks globally was at 6.29% in 2020 […]

New Financial Services Regs Will Require Comprehensive Action By Boards

New Financial Services Regs Will Require Comprehensive Action By Boards

New regulation will fundamentally change the landscape for the biggest tech companies—particularly cloud providers, says a new paper from JWG, the London-based think tank that tracks and analyzes financial services regulation. Risk Management getty “Managing Digital Infrastructure Risk: A Collaborative Path to Financial Services Safety”, is available online from JWG. Its analysis, based on 287,897 […]

IBM Uses Hybrid Cloud To Assist Two European Banking Groups Become Digital

IBM Uses Hybrid Cloud To Assist Two European Banking Groups Become Digital

IBM has announced two major core banking modernization projects in Europe using hybrid cloud technology. Rural Services Informaticos (RSI), a Spanish banking IT services company, will use hybrid cloud technology and industry expertise from IBM and Red Hat to boost its digital products and services offerings through a platform called Cloud Office. RSI provides core […]

Wells Fargo Launches Virtual Assistant, Cleverly Named Fargo

Wells Fargo Launches Virtual Assistant, Cleverly Named Fargo

Wells Fargo will use Google technology in launching a new virtual assistant set to roll out to customers in the coming months. The service, called Fargo, will be similar to Erica, the virtual assistant at Bank of America. It will use Dialogflow, Google Cloud’s conversational AI platform to provide a more personalized, convenient, and simple […]

India Is A Digital Finance Leader And Poised For Explosive Growth

India Is A Digital Finance Leader And Poised For Explosive Growth

For India, digitization is a part, although a large part, of the country’s ambitious modernization program. “India is building a digital country and I think that’s what is going to serve it well over the next decade,” wrote Ajay Krishnan, lead portfolio manager for the $425 million Wasatch Emerging Markets Select Fund, in a report […]

ACI Worldwide: Real-Time Payments Boost GDP And Save Consumers Billions

ACI Worldwide: Real-Time Payments Boost GDP And Save Consumers Billions

Real-time payments boost economic growth in countries where they have been implemented, according to a report by ACI Worldwide —“Prime Time for Real-Time”. Immediate payments helped generate an economic output of $78.4 billion in 2021 across 30 countries according to the Center for Economic and Business Research(Cebr)) in London, which expects the impact to increase […]