US Embraces Speed: Faster, Instant Payments on the Rise

U.S. businesses and consumers are rapidly adopting digital, faster and instant payment services, according to studies released by Federal Reserve Financial Services. Digital wallet use saw especially strong growth in 2023 ā€” efficiency-focused businesses increased their use by 31% over the prior year, and convenience-minded consumers experienced a 32% increase. These changes, particularly consumersā€™ use of digital wallets and online banking, are leading to increases in instant and faster payment use cases such as bill...

Payzli Selects Michael LaCapria for Board of Directors

United Payment Systems, LLC doing business as PayzliĀ® announced the selection of Michael LacapriaĀ as a director to Payzli’s Board of Directors. Mr. Lacapria was selected to serve on Payzli’s Board by Esquire Financial Holdings, Inc. (“Esquire”) in connection with Esquire’sĀ $6 millionĀ strategic fintech investment in Payzli. Mr. Lacapria has over 20 years of experience as a leader in the financial services industry.Ā  Since 2018, he has served as Senior Vice President and Chief Financial Officer of...

TerraPay welcomes Louise Brett as an Independent Director

TerraPay group, the leading global cross-border payments network, is pleased to announce the appointment ofĀ Louise BrettĀ as an Independent Director at Terra Payment Services (UK) Limited (TerraPay UK). Louise brings a wealth of experience and a distinguished career in the financial services industry. In this role, Louise will serve as a vital link between TerraPay, the financial ecosystem at large, and TerraPay stakeholders, to uphold the highest standards of governance, diversity & inclusion, and a culture...

Early adopter INB using FedNow Receive feature

INB, N.A., a bank headquartered inĀ Springfield, IL, is an early adopter of FedNow, a new payment infrastructure that allows U.S. financial institutions to provide safe and efficient instant payment services. Institutions adopting the service can provide customers with instant access to deliver and receive transactions year-round, including holidays. INB is initially offering the receive-only feature. INB was selected as a FedNow pilot participant in late 2020. OnĀ July 20, 2023, INB was one of 35 banks...

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