Europe has always been far ahead of the U.S. when it comes to instant payments. This week, they are taking another step forward.

Swift announced today that the European Payment Council’s awkwardly named One-Leg-Out Instant Credit Transfer scheme (OCT Inst) went live this week and it enables payments to and from Europe to be processed 24 hours a day, seven days a week.

This launch follows a successful proof of concept earlier this year with Iberpay, the European Payments System and large banks from Spain, Australia, Brazil and the UK.

Swift is making progress on bringing faster payments to the world as they have previously announced that 89% of the payments on its network reached their destination within an hour. With the launch of OCT Inst that number is bound to increase.

While the U.S. has only recently launched FedNow and it does not connect to the outside world yet, global instant payments is slowly becoming a reality. The U.S. will catch up eventually.

Featured

Swift connects instant payment systems to bring 24/7 processing across borders

www.finextra.com

Swift has connected domestic payment schemes across Europe to provide full transparency and end-to-end tracking for instant cross-border transfers destined for the EU.

From Fintech Nexus

> Embedded lending can solve BNPL’s in-store checkout problem

By Yaacov Martin

Checking out in a physical store often involves special hardware that can create a barrier for BNPL adoption. Embedded lending is the solution.

> PayNearMe report outlines data-based decision-making benefits

By Tony Zerucha

Financial institutions struggle to meet consumer demand for more payment types, mainly because they lack the proper data science capabilities. This drives suboptimal strategies like layering multiple payment types.

Podcast

This week Isabelle spoke to Arc’s founder and CEO, Don Muir to take stock of 2023 and how fintech startups have fared.

> Listen Now

Editorial Cartoon

Webinar

Payments Innovation is Hot: What to Expect in 2024

Dec 14, 12pm EST

Global payments revenue grew double digits in 2023 – wondering what the near future of the burgeoning payments space might…Learn More

Also Making News

• USA: WSJ says the Goldman-Apple deal is dead. Apple says not yet
  Apple is quietly disputing a headline by The Wall Street Journal that claims the tech giant has “pulled the plug” on its Goldman Sachs partnership which covers the Apple Card credit card and savings account.
• UK: Stock trading platform Robinhood to launch in UK after two failed attempts
  Robinhood hood said Thursday that it’s set to launch its platform in the U.K., in the company’s third attempt at cracking international expansion.
• USA: SoFi exits crypto business
  SoFi customers can liquidate their accounts, or choose to be migrated to Blockchain.com. If they do nothing, SoFi will liquidate the assets for them, to be transferred to their brokerage accounts.
• USA: To reap the full benefits of AI, bankers need to put in the work now
  The banking industry needs to seriously grapple with the potential — for good and for ill — that generative AI presents for its future.
• USA: How Government-to-Person payments can address the 5.9 million big unbanked problem in America
  As of 2021 around 6 million people in America were unbanked and this problem disproportionately affects Black and Hispanic households, of which 10% have no checking or savings account. 
• UK: Money Transfer Service Zepz Cuts 2% of Staff
  British money transfer firm Zepz, which owns remittance platforms WorldRemit and Sendwave, has reportedly made another round of job cuts, laying off 30 workers.
• Europe: Italian watchdog orders Intesa to halt customers’ transfer to digital-only bank
  Rome-based regulator says clients should be able to choose whether their accounts are moved

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