The need for faster payments is transcending borders with FIs in several major global regions making efforts to expand local access to speedier payments These innovations not only promise to improve payment speed but to also accelerate financial access and empowerment in different markets In the July Faster Payments Tracker PYMNTS takes a look at global efforts to broaden the reach of faster payments and how the availability of these systems is changing each respective market Around the Faster Payments World Several US banks are putting their payment tools into overdrive First BNY Mellon recently announced that it became the first bank to enable Request for Payment messages using The Clearing Houses TCH Real-Time Payments RTP network BNY Mellon can now offer messaging capabilities to its corporate and financial institution clients to pay eInvoices and eBills as well as to transmit such data as the confirmation of delivery and request for information Meanwhile the Zelle network recently gained a new member Bank of the West announced that it will become part of Early Warnings Zelle network beginning in the second quarter of 2018 Bank of the West customers will be able to use the banks mobile app to make person-to-person payments using a recipients email address or mobile phone number with funds sent within a few minutes In Africa a recent partnership between two mobile wallet solutions providers is enabling the quick delivery of funds across borders Orange Money Botswana and EcoCash recently collaborated to make it easier for Zimbabweans living in Botswana to send money home to family members across borders Money is sent to recipients EcoCash mobile wallets Offering smoother cross-border payments is also the motivation behind a recent faster payment development for the UKs payment systems The Bank of England recently announced that CHAPS Bacs and the UK Faster Payments Scheme will see the implementation of the international messaging standard known as ISO20022 The goal of the implementation is to bring more detail to the data that businesses and consumers can obtain when completing transactions Looking Back on 10 Years of Faster Payments in the UK As one of the UKs payment systems celebrates its 10th anniversary its time to reflect on the systems strengths and some of the gaps that still need to be addressed In 2008 the UKs Faster Payments Scheme officially made its debut In the decade since the system has been used to facilitate more than 91 billion payments and is currently used to make 14 billion payments valued at more than 1 trillion each year But while the increased speed of payments is enabling UK consumers to exercise greater control over their financial lives the Faster Payments system has also presented challenges according to John Hutton director of payments for Nationwide Building Society For the July feature story Hutton spoke with PYMNTS about how the availability of faster payments makes it challenging for banks and FIs to keep up with scams and the efforts needed to protect consumers from fast-acting fraudsters About the Tracker The Faster Payments Tracker is your go-to resource for staying up to date on a month-by-month basis The Tracker highlights the contributions of different stakeholders including institutions and technology coming together to make this happen Join The Conversation Has the problem of fraud by identity theft gotten too big for humans to handle Socure would say Yes Thats why the company is spearheading the movement to hand this job over to artificial intelligence AI Socure Founder Sunil Madhu and PYMNTS CEO Karen Webster will discuss this topic in an upcoming digital discussion taking place July 19 2018 at 1 00 PM EDT Enter your work e-mail below to access details for the upcoming conversation