Latest news with #instantpayments
Yahoo
4 days ago
- Business
- Yahoo
Mastercard unveils UK A2A instant payments sandbox
Mastercard is set to provide UK banks and financial institutions with a groundbreaking platform to innovate and test account-to-account (A2A) instant payments technology. Later this year, the company will open access to its fifth-generation A2A instant payments sandbox, designed to foster collaboration and modernise the UK's payment ecosystem. The sandbox environment will enable experimentation with new payment flows, including retail and digital assets, across various use cases. It aims to support the development of advanced services such as the "5-leg credit transfer" with instant payment confirmation, enhancing merchant and consumer payment options. Adhering to the international ISO20022 standards, the sandbox will offer significant improvements in transaction data richness. This advancement is expected to boost fraud detection capabilities and pave the way for future innovations in the payment sector. The UK government's National Payments Vision (NPV), published at the end of last year, sets ambitious goals for the payment sector's contribution to economic growth. Mastercard's A2A sandbox aligns with this vision, providing a platform for banks and fintechs to prepare for the next phase of the UK's payment evolution. An EY report from March 2025 highlighted the potential for a £9bn annual uplift to the UK's GDP through the modernisation of A2A infrastructure. The sandbox represents a critical step in unlocking this growth, serving as a testing ground for new infrastructure capabilities and products. Mastercard's Next Generation A2A Instant Payment platform underpins the sandbox, offering a cloud-ready solution with user-friendly front-end tools and a developer portal, as well as robust back-end functionality with API access for easy integration. Mastercard Real Time Payments executive vice president Peter Reynolds said: 'Account-to-account payments in the UK are already an enormous part of the UK's financial landscape. The Mastercard A2A instant payments Sandbox opens our innovative technology to our partners to develop and test new potential services. Alongside the UK government's National Payments Vision, we're setting out a bold vision of the future in A2A real-time payments.' The sandbox was showcased at UK Finance's Digital Innovation Summit on 24 June, emphasising its role in accelerating retail payments. In September 2024, Mastercard updated its Consumer Fraud Risk (CFR) solution to increase the ways it helps protect consumers from Real Time Payment scams. The AI-powered insights give more UK banks greater visibility into potentially fraudulent transactions so they can stop scams before they take place. "Mastercard unveils UK A2A instant payments sandbox" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
6 days ago
- Business
- Finextra
Mastercard to open A2A instant payments sandbox in the UK
Mastercard is to open an A2A instant payments sandbox for UK banks to experiment with new payment methods. 1 Like 3 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Using the sandbox and Mastercard's latest A2A payments technology, banks will be able to test new flows, including retail and digital assets, across person to person, person to merchant, and business to business use cases. As an example, Mastercard says the sandbox will enable banks and fintechs to implement a '5-leg credit transfer' with confirmation of funds, meaning that a consumer can make a retail real-time payment with the merchant getting instant confirmation of payment. The sandbox will also apply international ISO20022 standards and the opportunity to test the extended data fields supported for fraud detection and other advancements. Peter Reynolds, EVP, Mastercard real time payments says: 'Account-to-account payments in the UK are already an enormous part of the UK's financial landscape. The Mastercard A2A instant payments Sandbox opens our innovative technology to our partners to develop and test new potential services. Alongside the UK government's National Payments Vision, we're setting out a bold vision of the future in A2A real-time payments'. The move comes after rival card scheme Visa rolled out new technology aimed at the UK's burgeoning account-to-account market through its new pay-by-bank offering.
Finextra
19-06-2025
- 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
17-06-2025
- 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
16-06-2025
- 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. 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