Tag Archives: Fintechs

Shifting the U.S. Payment Ecosystem

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The ideal payment system: Fast, Seamless and Cost effective

The US payment system is continuing to improve as both public and private players in the ecosystem realize that merchants,consumers and businesses will benefit from cost effective digital payments.

Interbank connectivity through ACH, The Clearing House’s RTP network and FedNow services are prime examples of how account to account payments are getting “upgraded”. These instant payments will help drive digital commerce in secure, transparent channel.

Payment innovation will require the ability to know not only recent transactions but proactively predicting future customer /business needs and transactions.

The emergence of payment Fintechs is an opportunity for traditional financial institutions to partner and support the growth of an alternate payment system that benefits everyone with the adequate levels of risk and security covered. (the consumer, the merchant, the system behind the scenes and the financial institutions on both ends of the transaction flow)

Payments What a Trip!

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As 2020 ends and we head into a new year my focus has broadened to uncovering the exciting innovation in payments. Everything from virtual cards to paying with biometrics is out there and there is so much more coming down the pike.

I continue to be impressed by the engineers, marketeers and product managers out there continually addressing what the customer need is regardless of B2B, B2C, or B2B2C .

As a seasoned financial services leader I am finding it interesting observing the challenges faced by the different players. Fintechs have the speed to market but not the experience or due diligence in handling regulatory areas, Legacy processing companies have the experience but are constrained by their disconnected systems, Old school banks have the experience, branding and customer base but are tied to legacy systems and bureaucracy in getting things done. There are a few gems out there who have the right ingredients ( speed , innovation and experience ) but they need to shine more brightly for customers to find them.

I am a firm believer is “walking the talk” so I encourage the customers who are searching for the right tech/processing partner to make sure you cut through the bologna. Make sure potential processors really provide the services they tout on their web sites. As an experienced Marketer communication is an effective and powerful medium but so are smoke screens 😉