FinTech Rising

Reports at the intersection of money, banking, securities, and payments with digital technologies

Payments

Fed to Build New U.S. Realtime Payments Rail

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U.S. financial institutions are getting closer to payments speeds on par with what for much of the world is commonplace, as the U.S. Federal Reserve announced plans August 4 to launch its own realtime payments system. Dubbed FedNow, the service is expected to be available in 2023 or 2024, "eventually," as The Economist put it. The push for faster payments has intensified in … [Read more...] about Fed to Build New U.S. Realtime Payments Rail

Payments Marketing: Transit Temptations

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Mastercard is using transit payments in Chicago and New York as a way to get consumers used to contactless payments. With volumes estimated at less than .25%, contactless payments need all the push they can get. Transit advertising in Chicago goes beyond contactless payments, however, with campaigns for Venmo's debit cards, Zelle's person-to-person payments, Marcus's banking … [Read more...] about Payments Marketing: Transit Temptations

What Cashless Means for a Retailer

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Mobile payments adoption continues to increase in the United States, and branded mobile payments apps and cards continue to drive usage. Branded cards and apps reward consumers for increased use, which can drive consumer loyalty. Following that premise, Tyler M. Forbes, community manager at Chicago-based mobile payments startup AeroPay, invited me and Nancy K. Brooks, an … [Read more...] about What Cashless Means for a Retailer

Chicago Payments Startups Tackle the Tough Problems

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Solutions presented at the February Chicago Payments Forum meetup focused on credit-card fraud, accounts receivables, merchant access, and consumer identity. Four Chicago-based startups presented to about 50 professionals with interests across the payments ecosystem, including bankers, startup founders, investors, lawyers, and marketers. Occasion. Aksh Gupta, co-founder … [Read more...] about Chicago Payments Startups Tackle the Tough Problems

U.S. Faster Payments Present and Future

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Everyone wants to get paid faster. As faster payments systems come online from central banks around the world, the United States lags with an aging, efficient, and relatively slow payments infrastructure. That's changing as consumers come to expect payments to work as immediately as commerce in general. The Chicago Payments Forum hosted two startups providing solutions for … [Read more...] about U.S. Faster Payments Present and Future