CBW Bank is outdoing the efforts of the Federal Reserve by using real-time payments to offer customers immediate access to funds – even when they are paid across borders.
Based in Weir, Kansas, the bank has formed partnerships with all leading US debit networks as well as the cryptocurrency firm Ripple Labs. To facilitate its real-time payment function, it will launch a new payment product called the ONE Card in the coming months.
Using the system, cheques, wire transfers and other payments will be cleared immediately.
“The way existing bank accounts are structured is not going to meet the needs of future consumers and what they want to do with their money,” Suresh Ramamurthi, chairman of CBW Bank, told American Banker. “There are times when, at 2:00 a.m., you need to pay someone.”
In the future, the company also plans to add analytics functions to the card that can be used for market segmentation and risk management by providers, and which also offer online banking customers access to their full transaction histories.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Chase, the US consumer and commercial banking business of JPMorgan Chase & Co, has signed a multiyear agreement with Best Buy, that will see the electronics retailer accept Chase Pay in its stores, on BestBuy.com and in the Best Buy app.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.
Digital challenger bank, N26, which has been live for one and a half years and has more than 200,000 customers, rolled out a new feature that allows its customers to transfer money using Siri. All they have to do is talk to it.