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Real-time Payment
Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times of one to three business days that had been in place until the mid-2010s. Since the mid-2010s many countries have implemented instant payment systems that speed up the transfer between bank accounts in response to customer demand for faster transactions. The ''Euro Retail Payments Board'' (ERPB) in 2018 defined instant payments as: History Originally clearing of payments was based on the cheque clearing cycle that required physical cheques to be exchanged by banks at clearing houses for payments to be made between bank accounts. When electronic payments entered the banking systems from the 1970s onwards, the same timeframes and processes were used to settle these electronic payments. The growth of e-commerce since the 2000s has caused ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electronic Funds Transfer
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit and credit accounting entries necessary to complete the transaction. An electronic funds transfer starts when the sending customer send an electronic instruction with the purpose of making payment to the beneficiary or the receiving customer. Process According to the United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account". EFT transactions are known by a number of names across countries a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renminbi
The renminbi ( ; currency symbol, symbol: Yen and yuan sign, ¥; ISO 4217, ISO code: CNY; abbreviation: RMB), also known as the Chinese yuan, is the official currency of the China, People's Republic of China. The renminbi is issued by the People's Bank of China, the Central bank, monetary authority of China. It is the world's Template:Most traded currencies, fifth-most-traded currency as of April 2022. The Yuan (currency), yuan () is the basic unit of the renminbi. One yuan is divided into 10 Jiao (currency), jiao (), and the jiao is further subdivided into 10 Fen (currency), fen (). The word ''yuan'' is widely used to refer to the Chinese currency generally, especially in international contexts. Valuation Until 2005, the value of the renminbi was Fixed exchange-rate system, pegged to the United States dollar, US dollar. As China pursued its Chinese economic reform, transition from planned economy, central planning to a market economy and increased its participation in foreign ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FedNow
FedNow is an instant payment service developed by the Federal Reserve for financial institutions in the United States, which allows individuals and businesses to send and receive money. The service launched on July 20, 2023. Financial institutions are able to build products on top of the FedNow platform. By 2025, over a thousand financial institutions were live on the service. Operation The FedNow Service began formal certification of participants in April 2023 and formally launched in July 2023. It operates on a 24-hour, 365-days-a-year basis, as opposed to the older FedACH system that is closed on weekends and holidays. FedNow charges financial institutions a transaction cost of $0.043 per transaction. The FedNow Service is one of many instant payment services that have been developed around the world to offer immediate or close-to-immediate interbank transfers of money. The Federal Reserve maintains a list of all financial institutions and fintech vendors that are certifi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zelle
Zelle () is an American digital payments network run by a private financial services company owned by the banks Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo. The Zelle service enables individuals to electronically transfer money from their bank account to another registered user's bank account (within the United States) using a mobile device or the website of a participating banking institution. There is currently no fee or charge on the transaction. The Zelle service was launched in June 2017, as the successor to the clearXchange payment service. Zelle has expanded, and as of 2022 eighty percent of the US population could connect to Zelle through their banking app, with support by over 1,600 financial institutions. It has been criticized for being a platform that has facilitated online financial fraud in the United States. In 2022, at a Senate Banking Committee hearing, it was censured for not giving refunds to people who were tr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Faster Payments
The Faster Payments Service (FPS) is a United Kingdom real-time gross settlement system which facilitates transfers between different banks' customer accounts within a few seconds. The system offers faster settlement times than the long-established BACS and CHAPS systems. FPS processes a large volume of small payments, subject to limits set by the individual banks, with some allowing Faster Payments of up to £1million. Transfer time, while expected to be short, is not guaranteed, nor is it guaranteed that the receiving institution will immediately credit the payee's account. On 1 May 2018 the Bank of England announced that the New Payment System Operator (NPSO), which had been rebranded as Pay.UK in 2017, had taken over responsibility for the operation of the Bacs and Faster Payments systems and Faster Payments announced that it had become a subsidiary company of Pay.UK. Background In November 1998 the UK Treasury commissioned the Cruickshank Report, a review of competitio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Twint
Twint is a Swiss mobile payment system rolled out nation-wide in 2017. As of 2024, Twint has become ubiquitous in Switzerland, with practically all stores accepting Twint payments and nearly all banks taking part in the payment system. The app was developed by Monexio, a wholly-owned subsidiary of PostFinance, beginning in 2014. The first banks that cooperated in Twint were the Berner Kantonalbank and Valiant Bank in 2015, joined by the Basler Kantonalbank and Bank Cler in 2016. Twint had approximately five million users at the begin of 2023, out of the seven million adult population of Switzerland at the time. Company History Twint was created by Monexio AG, a company founded in July 2014 as a wholly-owned subsidiary of PostFinance. PostFinance Executive Board member Thierry Kneissler was appointed CEO, while Hansruedi Köng, CEO of PostFinance, became Chairman of the Board of Directors. The company became operational in August 2014. The Pretail, pre-launch of Twint took place ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swish (payment)
Swish ( or ) is a mobile payment system in Sweden. The service was launched in 2012 by six large Swedish banks, in cooperation with Bankgirot and the Central Bank of Sweden. It had 8 million users as of July 2022 (total Swedish population: 10.2 million). Overview The service works through a smartphone application, through which the users' phone numbers are connected to their bank accounts, and which makes it possible to transfer money in real time, a few seconds until confirmation is received by both parties. The user must have a second mobile application called '' Mobilt BankID Säkerhetsapp'', which is an electronic identification issued by several banks in Sweden. This requires that the user has a bank account in a Swedish bank participating in the system, and also a national ID number. Users who have a Swedish bank account but no suitable phone can register for reception only of payments. The phone number can be of another country. The actual transfer is done by the Ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bizum
Bizum is a payment service provider launched in 2016 as an initiative of the Spanish banking system. History Constituted on 27 June 2016, Bizum was jointly launched by 27 Spanish banking entities, including CaixaBank, BBVA, and Banco Sabadell. Originally an payment system between people (P2P), it later allowed transfers between people and e-commerce and institutions. Bizum joined the European Mobile Payment Systems Association in 2022. In 2024, it had 27.6 million active users. In 2024, Bizum also announced plans to launch Bizum Pay in 2025, allowing for NFC payments. In 2024, Bizum joined forces with Italy's Bancomat Pay and Portugal's MB Way to launch the European Payments Alliance (EuropPA), an agreement that enables inter-operability of payments among clients of Santander, ABANCA and Openbank in Spain, Italy, Portugal, and Andorra starting on 31 March 2025. Shareholders In 2022, the shareholding structure was as follows: * CaixaBank 24% * Santander 20.91% * Banco Sa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PayNow
PayNow is a near-instant real-time payment system developed by Association of Banks in Singapore. The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions. The system is supported by all major Singaporean banks and is regulated by the Monetary Authority of Singapore (MAS) and works by transferring funds between two bank accounts. Payments can be made to any registered Singaporean mobile number, NRIC, corporate Unique Entity Number (UEN) or Virtual Payment Address (VPA). Scanning QR codes is also an option. PayNow is linked with other payment providers including Stripe, DuitNow (Malaysia), PromptPay (Thailand) and UPI (India). In 2020, 125 million transactions worth S$22 billion were processed through PayNow. International collaboration Project Nexus The Bank for International Settlements signed an agreement with Central Bank of Malaysia, Bank of Thailand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and the Reserve Ban ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Blik
BLIK is a Polish mobile payment system launched in 2015. It is operated by Polski Standard Płatności (PSP). Blik enables users to make instant payments online and in retail stores, withdraw cash from ATMs, and transfer money, primarily using their bank's mobile application. As of June 2024, Blik reported nearly 17 million active users. For the full year 2024, it processed 2.4 billion transactions, amounting to a total value of approximately 350 billion Polish złoty (PLN). History Polski Standard Płatności (PSP), a company established by an alliance of six Polish banks, launched Blik in February 2015. PSP is a member of the European Mobile Payment Systems Association. Between 2019 and 2020, Polish Police reported fraud incidents involving Blik ATM withdrawals. These typically occurred when perpetrators gained access to a victim's social media account, requested Blik codes from the victim's contacts under false pretenses for a loan, and then used these codes for cash wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Raast
Raast (; ) is an instant payment system developed by the State Bank of Pakistan (SBP). It operates using the state-of-the-art Pakistan Faster Payment System (PFPS), facilitating real-time settlement of small-value retail payments, including inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It also enables digital payments between banks, businesses, and individuals, offering a free, fast, and reliable person-to-person (P2P) service within Pakistan. Users can conveniently send or receive money using Raast IDs, which are linked to their mobile numbers and bank accounts, making the process seamless and cost-free. History Raast was launched by then Prime Minister Imran Khan on 11 January 2021. Raast is an initiative led by the State Bank of Pakistan, that received backing from the Bill and Melinda Gates Foundation and Karandaaz Pakistan. It was developed with World Bank assistance. Raast began its development in 2018. Bulk/Batch payments (e.g., dividend disbu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
