Selling the concept of faster payments, in many of the myriad forms they can take, isn’t difficult. Most of the industry players agree it’s overdue: the U.S. hasn’t had a new payments structure in over 40 years. Needless to say, achieving it is a huge undertaking; not only in building the technology but also in getting large-scale adoption, as it requires buy-in from every … [Read more...] about Building Faster Payments: From Conception to Reality
Banking
What Lessons Can Europe Teach the U.S. about Open Banking?
In late October, the Consumer Finance Protection Bureau (CFPB) put out a call for comment on the Dodd-Frank Act Section 1033, looking for input to drive clarifying rulemaking on the act’s language calling for banks to make available consumer information on request from the consumer. In Europe, similar language was part of the PSD2, and led to a new standard in open banking – … [Read more...] about What Lessons Can Europe Teach the U.S. about Open Banking?
Voice Payments: The Future of Customer Experience?
The following is a guest post from SDK Finance, a FinTech digital banking platform provider. In one minute, an average person can speak five times as many words as they can type. After all, voice is the most natural and efficient form of communication. Awe-inspiring advancements in voice-related technologies took digital voice assistants mainstream. By early 2020, 75% … [Read more...] about Voice Payments: The Future of Customer Experience?
Chicago FinTech News – Corporate Cash Surges
Corporate Cash Holdings Soar, Says New Carfang Group Study Corporations in the U.S. added $1.1 trillion or 38.5% to their cash holdings in the first half of 2020 according to recent data Federal Reserve data analyzed by The Carfang Group. For the second quarter, cash is up $424B or 12% and now stands at $3.9T. According to Anthony J. Carfang, Managing Director at The … [Read more...] about Chicago FinTech News – Corporate Cash Surges
The Programmable Future of Currency
It’s broadly agreed that the rails that exist for payments – both domestically and globally – are antiquated. While there has been any number of advances and shifts toward digital wrappers and new ways for consumers to move money around, on the backend the payment rails themselves are roughly the same as they were 50 years ago. Those rails have built the backbone for a … [Read more...] about The Programmable Future of Currency
Bridging the Gap to Faster Payments
The vision for a robust faster payments ecosystem in the United States is well-established. There are multiple contenders to bring it to life – from private offerings like The Clearing House (TCH) to the Federal Reserve’s continuing efforts into FedNow – but achieving true ubiquity can seem like an elusive target. How is that gap from vision to reality going to be … [Read more...] about Bridging the Gap to Faster Payments