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While emerging payment services are embracing modern infrastructure to move money more quickly and with richer data, some players in the payments space are taking advantage of infrastructure that already exists to strengthen capabilities. This week look at the latest in payment rail innovation explores new investments from financial institutions and service
stanley cupe providers to drive real-time payments.PNC Bank Joins CHIPSPNC Bank has just become the latest financial institution to loop into The Clearing House CHIPS network to facilitate the clearing of high-value cross-border payments, The Clearing House recently announced. Global high-value payments will be sent via the CHIPS network, which the bank said operates on infrastructure that can help to clear more transactions earlier in the day. It a wire transfer system that PNC Treasury Management Executive Vice President and Hea
stanley cup uk d of Product and Operations Chris Ward said helps to enhance the bank own payment solutions, with CHIPS able to automatically match and net payments for greater settlement efficiency.The Clearing House Loops Into ZelleThe Clearing House is now enabling its real-time payments rail, the RTP network, to clear and settle transactions made via Zelle. The integration supports real-time bank transfers and is opening the door to new use cases for instant payments. A press release noted Bank of America and PNC Bank a
stanley thermos re the first institutions to send Zelle payments via RTP. Its support fo Klnq Wirecard Exec Admits Role In German Company s Collapse, Attorney Says
Walmart-owned Sams Club revealed last April that it would be entering the small business lending space in a bid to strengthen its ties with suppliers. Business partners would be able to access as much
stanley termosy as $350,000 in financing through the new service, which Sams Club President and CEO Rosalind Brew
stanley kubek er said is not intended to be a revenue generator for the company.The bulk product seller now seems to be boosting its small business lending arm yet again 鈥斅爐his time with the Opportunity Finance Network OFN , a network of Community Development Financial Institutions CDFI .Reports Wednesday July 15 said Sams Clubs Small Business Economic Mobility Initiative has agreed to provide $3.6 million as a grant to the OFN to expand services offer
stanley fr ed by CDFIs, which include small business loans to business owners in low-income areas. We need to do something for small business owners beyond just trying to spur the supply of credit, said OFN President and CEO Mark Pinsky. Irresponsible small business lenders are doing serious damage to the companies they lend to. While the group has not yet defined exactly what it would do with the funds from Sams Club, reports said about half of the OFNs members lend to SMEs, and Pinsky added that the support will be used to educate small business owners about predatory SME lenders. We want to raise public awareness that theres a Wild West in the small business lending space, he said, according to Forbes.The education initiative will reportedly launch in
