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)