Phillipa Wilson’s Post

🌟 what an insightful article! 💡 Mastercard's CEO shares their perspective on FedNow and presents a compelling case for their solution. 🏦💳 The writing style is engaging, and the main ideas are thought-provoking. As someone who has experienced the convenience of digital payments, this resonates with me. 💸✨ 🔥 Question for you all: Do you think Mastercard's solution has the potential to revolutionize the payments industry? 💭 Let's discuss! 🗣️ 🔑 Hashtags: #DigitalPayments #FintechRevolution #MastercardSolutions 🌍 My take: Mastercard's innovative approach to FedNow shows their commitment to advancing the payments landscape. I'm excited to see how this unfolds and how it will shape the future of transactions. Join the conversation and share your thoughts! 🌟😊 #PaymentInnovation #FutureOfBanking

New Post: Mastercard and The Clearing House to Advance Real-Time Payments - https://lnkd.in/g9iMzwVA - Mastercard and The Clearing House (TCH) have taken a significant step towards enhancing the digital economy by extending their multi-year partnership, focusing on the adoption and evolution of real-time payments (RTP) on the RTP® network. This collaboration reaffirms Mastercard’s role as the exclusive instant payments software provider for TCH’s RTP network, setting the stage for innovative payment solutions across various sectors. Since the launch of the RTP network by The Clearing House in 2017, the first new payment rail in 40 years, developed and powered by Mastercard, real-time payments have transformed financial transactions in the U.S. RTP offers consumers instant access to payments and ensures confidence that payments are received anytime. For businesses, RTP is a game-changer, streamlining customer payments, expediting wage disbursements, enhancing liquidity management, and optimizing capital workflows. Governments also benefit, as RTP can stimulate local economies through efficient disbursement and settlement processes. Linda Kirkpatrick, President of Americas at Mastercard, highlights the importance of this partnership: “Technology is providing consumers and businesses greater choice in how they want to pay and be paid. Our long-term partnership with The Clearing House supports choice in payments through the enablement of modern and ubiquitous real-time rails for bank-owned payments. We’re pleased to extend and enhance our support of The Clearing House and its owner banks to deliver on our mutual goals to provide safety, reliability, and efficiency of real-time payments.” Real-time payments are not just about the speed of transactions. They encompass extensive data exchange, real-time messaging, and availability at any time. Mastercard and The Clearing House are committed to continuously investing and developing real-time account-to-account technologies. This commitment extends not only to the RTP network in the U.S. but also to similar initiatives globally. Lee Alexander, EVP and Chief Information Officer at The Clearing House, expressed his views on the partnership: “The Clearing House and Mastercard designed and delivered the RTP network, the premier instant payment platform in the United States, and have a strong history of working together to deliver innovative, scalable, and secure products. The expanded partnership will help both companies design the next generation of instant payment capabilities for financial institutions and their customers.” The RTP network’s rapid payment capabilities are now accessible to financial institutions representing nearly 90% of U.S. demand deposit accounts. Designed to cater to institutions of all sizes, the RTP network serves as a foundation for financial innovation, enabling institutions to offer novel products and services. Moreover, financial institutio

💡Surging ACH Transactions: A Glimpse into the Future of Payments 💳 As the Senior Product Manager for eCom at Paynovate, witnessing the 8% increase in transaction volume on the Electronic Payments Network (#EPN) in 2023, with over 19 billion transactions worth $52.4 trillion processed, is nothing short of inspiring. This growth, outpacing the overall U.S. #ACH network's 4.8% increase, is a testament to the evolving preference for electronic over traditional payment methods. 🚀📈 Jason Carone's insights from The Clearing House highlight a clear trend: businesses and consumers alike are seeking faster, more convenient payment solutions. This shift is evident in the significant rise in B2B payments, direct deposits, and person-to-person (P2P) transfers, marking a move away from paper checks towards more instantaneous, digital alternatives. 🌐🔄 Moreover, the collaboration between Mastercard and The Clearing House, especially their efforts to push real-time account-to-account (#A2A) technologies and the #RTP Network, is poised to revolutionize how we think about transactions. Their focus on harnessing real-time payments for various sectors underscores a significant push towards universal adoption in both consumer and business realms. 💼👥 The journey towards a more connected, instantaneous payment ecosystem is well underway, and I'm thrilled to be part of this transformative era. 🌟🛠 #ElectronicPayments #ACH #Innovation #FutureOfPayments #Paynovate #DigitalTransformation #RealTimePayments https://lnkd.in/dF2pWDmh

Mastercard has renewed its partnership with The Clearing House (TCH) to further develop real-time payments (#RTP). 🚀 This collaboration aims to support the digital economy by enhancing capabilities for consumers, businesses, and governments on the RTP network, initially launched by TCH and Mastercard in 2017. 🌐 Key benefits of this network include faster wage disbursements 💸, improved capital workflows for businesses 🏢, 24/7 consumer support 🕒, and stimulating local economies through efficient disbursements and settlements. Additionally, Mastercard plans to introduce an AI tool in 2025 to mentor small business owners. 🤖 This extended partnership focuses on creating innovative, scalable, and secure instant payment solutions for financial institutions and their clients. The relevance of real-time payments is also growing in Europe, with new testing standards for SEPA real-time payments enabling quicker cross-border transactions within the Eurozone.🏦 https://lnkd.in/dvvBzmgG #Mastercard #RealTimePayments #DigitalEconomy #Innovation #FinTech 💳🌍

In 2023, The Clearing House's Electronic Payments Network (#EPN) saw an 8% increase in transaction volume, processing over 19 billion transactions valued at $52.4 trillion, surpassing the U.S. ACH network's growth. This surge reflects rising demand for electronic payments, prompting an extended partnership with #Mastercard to drive broader adoption of instant payments. #EPN #ACH #ElectronicPayments #InstantPayments #Mastercard

#CrossBorderPayments are a lifeline for many families yet legacy infrastructures tend to make the process expensive and time-consuming. As the world becomes increasingly interconnected, this needs to change. I am excited to share that Mastercard is accelerating its efforts to empower more people and businesses to transact with confidence through its money transfer portfolio of solutions, Mastercard Move. Mastercard Move enables banks and other financial service providers to expand their reach to countries with limited financial infrastructure, offering various options such as card, account-to-account, mobile wallet, and cash payout, to serve more people. Read more about this game-changing initiative below ⬇️ #Payments #DigitalBanking #Fintech #MastercardEmployee

🌐 Instant Payments vs. Card Schemes: Can Cards Withstand the Challenge? Instant payment (IP) solutions are rapidly gaining traction, challenging the dominance of traditional card schemes like Visa and Mastercard. The European Commission’s recent legislative proposals aim to make instant payments more accessible and affordable, promoting payment sovereignty. Despite this push, the entrenched infrastructure and widespread acceptance of card payments pose significant competition. The future may see a hybrid approach, integrating the strengths of both payment methods to meet evolving consumer and merchant needs. 👉 https://lnkd.in/gGN-RvcY #InstantPayments #CardSchemes #FinancialInnovation #PaymentsTechnology #EURegulations

💳 Curious about the next wave in Payments? ⚡ Explore the key trends for 2024 in our latest article. Uncover the impact of real-time transactions, value-added services, plus many more. Read here: https://lnkd.in/dJFnvx8t #FintechTrends #2024Payments

HUGE partnership news! 🤝 GOLIATHS Temenos and Mastercard have partnered to accelerate the implementation AND delivery of Mastercard Move 🚀 🌍 🏦 Mastercard Move’s solutions enable banks to move money internationally securely AND swiftly; and with nearly 10 BILLION endpoints in over 180 countries, recipients can choose from VARIOUS disbursement options, including cards, bank accounts, mobile wallets and MORE! 💸 👏 By integrating Mastercard Move into the Temenos Payments Hub, Temenos customers will be able to QUICKLY integrate Mastercard Move’s cross-border capabilities AND consolidate with other payments rails on the SINGLE Temenos platform Roberto Tittarelli, EVP New Payments Platform Europe, said: “We are delighted to join forces with Temenos to deliver enhanced cross-border payment solutions to banks and their customers. With the integration of Mastercard Move’s money transfer solutions with Temenos’ payments capabilities, banks will benefit from a streamlined process to deploy, scale, and maintain ongoing interoperability for cross-border payments. This will in turn provide the banks’ customers with fast, secure and efficient cross-border payments, making them the ultimate beneficiaries.” Read more on the link below! 👇 Mick Fennell #temenos #mastercard #crossborderpayments #digitalpayments #internationalpayments #fintech #fintechnews #money2020

The 3 Things Every Successful Payments Method Must Have: The view may be better from the edge, but the experience is richer at the center. And for end-users, that is truer than ever when it comes to payments. “The one thing I get asked by execs at financial institutions is, ‘How do I get to be the center of my customers’ payment activity?’” Ron Bergamesca, […] The post The 3 Things Every Successful Payments Method Must Have first appeared on PYMNTS.com. #opnplatform #b2bpayments #openpackagingnet